Russia will buy foreign currency on the market in the coming month for the first time since before the start of the war in Ukraine, according to a Finance Ministry statement, as windfall revenues start to arrive from high oil prices triggered by the US-Israeli war on Iran, Reuters reports.

The Finance Ministry said it will buy 110.3 billion roubles ($1.46 billion) worth of forex, mostly Chinese yuan, from May 8 to June 4 for the National Wealth Fund, which is used to stabilise the budget. The move should also prevent the rouble from excessive strengthening.