Bank of Russia commentary on transactions with NWF resources in domestic FX market in 2026 H1
The Bank of Russia has been following the previously announced procedure for conducting transactions in the domestic FX market to replenish and use the resources of the National Wealth Fund (NWF), including all transactions with NWF money performed in 2025 H2. In this regard, the Bank of Russia is announcing the amounts of transactions to be conducted in the domestic FX market from 12 January to 30 June 2026.
In 2026 H1, the daily value of transactions will be calculated based on the amounts of foreign currency purchases/sales as part of regular fiscal rule-based transactions, as announced by the Russian Ministry of Finance on the third business day of each month, adjusted for the amount of foreign currency sales as part of the NWF’s net investment in eligible ruble-denominated financial assets in 2025 H2 in the amount of ₽540.8 billion (or ₽4.62 billion/day, considering an even distribution of the total amount over 2026 H1).
No transactions using NWF resources to cover the budget deficit outside the fiscal rule have been conducted in 2025.
Taking into account the amount of foreign currency sales as part of fiscal rule-based transactions, announced by the Russian Ministry of Finance for the period from 5 December 2025 to 15 January 2026 (₽5.6 billion/day), the Bank of Russia plans to sell foreign currency totalling ₽10.22 billion/day from 12 to 15 January 2026.
At the end of June 2026, the Bank of Russia will publish information on the amount of the adjustment of regular fiscal rule-based transactions for 2026 H2, taking into account the data of the Russian Ministry of Finance on the amount of net investment of NWF resources in eligible ruble-denominated financial assets in 2026 H1.