Russia is halting purchases of foreign currency and gold for this year in lieu of a suspension of parts of its fiscal rule amid the use of extra oil and gas revenues, the nation’s Finance Ministry said in a statement on Thursday.

This move comes to protect the rouble from oil price swings, as the beleaguered domestic currency meanders near record lows against the US dollar.

• USD/RUB pierces off 100.00 to extend pullback from record top as Russia-Ukraine peace talks loom