In response to a significant increase in global oil prices, Russia has resumed its purchases of foreign currency and gold for the National Wealth Fund, marking the first such activity since June of the previous year.
The Russian Ministry of Finance plans to acquire currency and gold worth 110 billion rubles, approximately $1.5 billion, in May. This figure also incorporates deferred transactions from March and April.
According to Russia’s fiscal rule, if the price of Russian oil exceeds $59 per barrel, excess revenues are allocated to the National Wealth Fund. Conversely, if prices fall below this threshold, reserves are utilized to cover budget deficits.
In the first two months of 2026, Moscow reportedly expended around 419 billion rubles from the fund due to declining oil revenues.
As of May 1, the available assets in the National Wealth Fund stood at 3.6 trillion rubles, reflecting a 14% decrease since January and nearly a 60% drop compared to pre-war levels.
Previously, Russian authorities considered lowering the oil price threshold to slow the depletion of reserves. However, following the recent surge in oil prices, this plan has been postponed until at least autumn.
“According to our baseline scenario, we expect the National Wealth Fund to grow by approximately $12 billion by the end of the year, which will more than offset the decline in the first quarter,” stated Ekaterina Vlasova, an economist specializing in Central and Eastern Europe and Russia.
Meanwhile, the Kremlin has expressed concerns that the current situation may be temporary. Russian Finance Minister Anton Siluanov emphasized that maintaining financial stability and reducing the budget’s dependence on oil prices remain key objectives for Moscow.
Additionally, there are fears regarding the potential exit of the United Arab Emirates from OPEC, which could affect the global oil market and alter supply dynamics.
Russia has resumed foreign currency and gold purchases for its National Wealth Fund as oil prices rise. The Ministry of Finance plans to acquire assets worth 110 billion rubles, despite concerns over financial stability and potential market changes.