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Russian finance ministry halts forex, gold purchases for 2022

Kitco News

MOSCOW, March 3 (Reuters) - Russia's finance ministry said on Thursday that it was halting purchases of foreign currency and gold for this year as part of a suspension of parts of its fiscal rule relating to the use of extra oil and gas revenues.

Under a rule adopted in 2017, Russia buys foreign currency when oil prices are high and sells when prices go below $44 per barrel, shielding the rouble from oil price swings.

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