Role of major exporters in Russian forex market shrinks due to changes in settlements structure - Central Bank

MOSCOW. June 1 (Interfax) - The share of major exporters in the Russian foreign exchange market has decreased due to changes in the structure of settlements, while the share of other companies has increased, according to the financial stability review published by the Central Bank of Russia.

"A clearer indicator for operational analysis is the amount of net currency sales not by major exporters, but from non-financial companies as a whole. Such sales in October 2025 to April 2026 averaged $17.9 billion monthly," the Central Bank said.

Before the reversal in the oil and gas market in March, there was also a decrease in the share of oil and gas companies and an increase in the share of other exporters (from the non-ferrous metallurgy and chemical fertilizer industries), the CBR said.

Overall, the Central Bank assesses the situation on the Russian foreign exchange market in Q4 2025 and Q1 2026 (the review period) as stable. The ruble exchange rate volatility was low, except for brief episodes, it said.

The regulator attributes the ruble exchange rate fluctuations in March to several factors. At the beginning of March, the inflow of foreign currency revenue was small given low oil prices at the start of the year, and demand for foreign currency from large companies to repay foreign currency debt increased locally. The suspension of currency sales by the Russian Finance Ministry under the fiscal rule also had an effect.

"The escalation of the situation in the Middle East led to an increase in oil prices and an inflow of export revenue into the market in April," the CBR said.