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Russian finance ministry halts forex, gold purchases for 2022 – Reuters

A picture illustration of U.S. dollar, Swiss Franc, British pound and Euro bank notes, taken in Warsaw January 26, 2011. REUTERS/Kacper Pempel/File Photo

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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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Reporting by Reuters

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