The Ministry of Finance will be able to allocate 900 billion for the purchase of foreign currency next year

The Ministry of Finance may allocate almost 1 trillion rubles for foreign currency purchases next year. According to the draft Guidelines for the Budget, Tax, and Customs Tariff Policy (the document is available from Vedomosti), the department expects additional oil and gas revenues from the federal budget in 2023 in the amount of 939 billion rubles. According to a source close to the government, this amount could theoretically be used to purchase foreign currency to weaken the ruble under the budget rule, which is planned to be restarted next year, although not in its entirety. “The budget is formed on the basis of new parameters of the budget rule, which will be legislated, so the possibility [возобновить интервенции] there is, including in the transitional period,” the source said.

However, according to him, in practice, it is unlikely that the entire volume of excess profits will be used to purchase foreign currency.