Russia Boosts Rainy-Day Fund for First Time in Almost a Year

Russia resumed purchases of foreign currency and gold for its National Wellbeing Fund for the first time since June last year, as a surge in oil prices driven by the war in the Middle East boosts export revenue.

In May, the Finance Ministry will buy foreign currency and gold worth 110 billion rubles ($1.5 billion), the ministry in Moscow said Wednesday. The figure includes deferred operations from March and April, it said.