Today the Russian press reports that the country has a shortfall in profits from the sales of oil and gas to the amount of 54.5 billion roubles and that it is sellling Chinese yuan to make up the deficit.
Elsewhere it is reliably reported by Anna Golubova, highlighted on Kitco.com, that it has also had to revert to selling gold, too, at a time when other Central Banks have been stocking up on their gold holdings in what seems to be a drift towards de-dollarisation, encouraged by the Putin régime.
The Russian Central Bank is also sticking to its interest rate of 7.5% because of inflation worries.
ЦБ возобновит валютные интервенции. Рубль уже подорожал
Центробанк с 13 января возобновит операции с иностранной валютой на внутреннем рынке
Russia sells some gold as its budget deficit reaches $25 billion
Anna Golubova Thursday February 09, 2023 16:25
Банк России четвертый раз подряд оставил ключевую ставку на уровне 7,5%
Баланс рисков все больше склоняется к проинфляционным
The news just in is that the Russians will cut production of oil unilaterally next month by 5% to force a rise in the price.