Russia to send billions on gold after unexpected turn on oil

Russia plans to allocate 279.42 billion rubles for the purchase of foreign currency and gold against the background of additional oil and gas revenues. Polish publication Business Insider Polska (BIP) drew attention to an unexpected market reversal, in which Russian Urals oil was more expensive than Brent.

According to the Ministry of Finance, the purchases will be held from October 7 to November 6. The daily volume of operations will be equivalent to 12.7 billion rubles. The agency forecasts additional oil and gas revenues of the federal budget in October at 289.46 billion rubles. Most of these funds will be used to purchase currency and gold.

Business Insider Polska notes that Russia has not sent such a large sum for these purposes since November 2023. Then the volume of purchases reached 621 billion rubles.

The publication associates the growth of revenues with the rise in energy prices due to the conflict in the Middle East. Military actions between the United States and Iran have complicated supplies, and high demand from Chinese refineries has allowed Russia to sell raw materials on more favorable terms.

The article compares the quotations of two varieties of oil. Urals was valued at about $112 a barrel, while Brent was worth $101.73. Thus, according to the publication, the Russian variety traded more expensive than the international standard.

The author suggests that Moscow is exploiting the position of China and India, which have become inaccessible to some supplies of Middle Eastern oil. This supports the demand for Russian raw materials and allows you to get a higher price for it. Business Insider Polska called the situation a sharp turnaround after a long period when Russia had to offer buyers significant discounts.

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