The Moscow Exchange (MOEX) reported total trading volume of RUB 163.9 trillion (approximately $2.12 billion at current Central Bank of Russia (CBR) rates) in February 2026, data published by the exchange shows.
Gold and precious metals activity was a focal point of February’s trading, driven largely by state-level fiscal operations rather than private speculation alone.
The Russian Finance Ministry and the CBR executed systematic daily sales of gold and Chinese yuan from the National Welfare Fund (NWF) throughout the month, as part of the country’s ‘budget rule.’ Total daily sales of foreign currency and gold reached RUB 16.5 billion ($213.59 million) per day, with that rate scheduled to continue until at least March 5.
The state sells gold and yuan reserves to fund government operations and bridge its fiscal deficit, while simultaneously providing liquidity support for the ruble.
The result is that gold has become a functional substitute liquidity channel on MOEX, as sanctions against the CBR have restricted access to traditional hard currency rails. Ruble-pair trading with Western currencies has dropped by around 96% compared to pre-2022 levels, according to Trading Economics data.
“The government’s plans to tighten budget rules may put pressure on the national currency, while rising oil prices on the world market will traditionally act as a supportive factor,” said Spartak Sobolev, Head of Investment Strategy Research at Alfa-Forex.
Sobolev’s comments, published by Izvestia on Monday, came ahead of the CBR’s next scheduled rate decision on March 20. The key interest rate currently sits at 15.5%.
Derivatives expansion
MOEX is also building out its derivatives lineup. The exchange announced plans in February to introduce cash-settled futures for Solana (SOL), XRP, and Tron (TRX), joining existing monthly contracts for Bitcoin (BTC) and Ether (ETH).
All contracts are ruble-settled, indexed to exchange-calculated benchmarks, and restricted to qualified investors.
“The exchange will first introduce indices for the three altcoins, which will serve as the foundation for rolling out futures contracts,” said Maria Silkina, Senior Manager at MOEX’s Derivatives Market Group.
MOEX is currently evaluating the launch of perpetual futures for Bitcoin and Ether, while Russian lawmakers have separately proposed capping retail cryptocurrency purchases at approximately $4,000 (RUB 309,000).
