Russia could cut state spending for FX interventions, says finance minister

Russia could cut some state spending to channel funds for foreign currency interventions, Finance Minister Anton Siluanov said on Wednesday, as Moscow looks for ways to keep a lid on the rouble's strengthening, which is making exports less competitive.

With Russia looking for ways to soften the blow of unprecedented Western sanctions on its financial sector, Siluanov said his ministry would also suggest allowing export-focused companies to receive proceeds from non-residents in cash.