Russia’s Central Bank said it could resume purchase of foreign currency for the country’s reserves if oil prices were to hit $55 a barrel in 2019.
The bank made the statement in a monetary policy document for 2017-2019.
The Central Bank also said it saw the current level of its reserves as “comfortable enough” and did not set a timeframe for reaching a level of reserves of $500billion.
Earlier this month Russia said its reserves were at around $397billion.
In a scenario based on oil prices being at $40 per barrel, its reserves would be at $394billion by 2018, $399 billion by 2019 and $405billion by 2020.