The Russian Central Bank spent $700 million on forex interventions critical to avoid volatility in April.

      In its first move to use its dollar and euro reserves since November 2012, the Bank of Russia sold $663 million and €45.45.

      The policy is to keep the dollar-euro basket below the level of 35.65 roubles.

      In April, the Russian Central Bank got a new chairman, with Sergey Ignatyev replaced by former Economic Development Minister, Elvira Nabiullina.