The Ministry of Finance plans to spend 13.5 billion rubles daily on purchases of currency and gold within the budgetary rule from July 7 to August 5, according to the ministry.

Such spending will hit a record in 2021 and jeopardize the ruble’s exchange rate, inasmuch as rising demand can lead to higher foreign exchange prices. The total amount of funds will reach 296 billion rubles, compared with 220.9 billion a month earlier.

The Ministry of Finance believes that in July the federal budget will receive an additional 242 billion rubles due to oil and gas revenues – because of the excess of the prevailing oil price over the base level. In the previous month, the deviation of the received revenues from the expected volume amounted to 54.1 billion.