Deputy Finance Minister Vladimir Kolychev indicated that the euro could disappear from the Federal Budget Reserve holdings by the end of 2023, a development reported by TASS. He explained that operations with the Central Bank of Russia are carried out within the framework of the budget rule and are reflected in the market. In the market, the Central Bank tends to reflect the operational currency it considers friendly. Transactions involving the euro and the dollar have already exited the market, according to his account. He noted that in addition to the budget rule, the use of the National Welfare Fund is also available to support budget processes.
Earlier reports noted that Russia’s budget in April would receive less than 113.6 billion rubles from oil and gas revenues. In March, the treasury reportedly received under 39 billion rubles from oil and gas revenues. By contrast, in January and February 2023, the budget was boosted by 2.217 trillion rubles from non-oil and gas revenues. This amount reflected a 9 percent decline relative to the same period in 2022, driven by lower income tax receipts.
Earlier remarks attributed to the Finance Minister suggested that in the final months of 2023 the National Welfare Fund was not renewed because its funds were allocated to various uses. The minister noted that energy price levels for Russian energy supplies had edged up somewhat at that time, influencing budget considerations and fiscal strategy. The overall tone from the ministry emphasized a shift toward easing reliance on traditional reserve currencies in favor of mechanisms that align with Russian fiscal policy and market dynamics, as reported by official channels and corroborating outlets.
Deeper context shows that the Russian fiscal framework continues to adapt to evolving market conditions. The budget rule remains a guiding principle for fiscal operations, while the National Welfare Fund provides an additional instrument for buffering revenue fluctuations. Analysts are closely watching how these tools interact with energy revenues, tax collections, and exchange rate movements to shape the upcoming fiscal stance. Market participants have observed a gradual transition as currency composition in official reserves and operations reflects strategic choices aimed at stabilizing the budget in a changing global energy and financial landscape, with information drawn from official statements and ongoing coverage by sources such as TASS.