MOSCOW, Nov 19 (Reuters) - The rouble is set to benefit from record high prices for natural gas in Europe as gas revenues are not absorbed by the National Wealth Fund to the extent that oil revenues are, but strained relations with the West could outweigh the advantage. Russia"s budget rule channels extra energy revenues to the National Wealth Fund when oil prices exceed $43.3 per barrel. It was adopted in 2017 to limit the budget deficit and shield the rouble from oil price swings. More than 70% of Russia"s oil export revenues are absorbed by the budget rule and transformed into state FX operations compared with only around 30% of gas export revenues, said Mikhail Poddubsky, asset manager at MKB Investment. That means gas revenues are more likely to feed into the exchange rate, analysts say. "A $10 billion increase in gas exports should be more favourable for the exchange rate, than a $10 billion increase in oil exports," JP Morgan analysts said in a note. European spot gas prices rose fivefold this year, fuelled by booming demand and competition for gas globally as economies recover from the coronavirus pandemic. The market was also waiting for new Russian supply that came only in November. Last year, Russia"s gas monopoly Gazprom (GAZP.MM) posted $88 billion in revenue and expects a record-high this year amid booming prices and exports. Its dividends and profit tax, for which it converts FX revenues, should grow, too. Sova Capital sees the rouble at 67.23 versus the dollar by year-end, partly thanks to high gas prices, versus 72-73 seen in mid-November. Russian rouble holding relatively steady as oil and gas prices swingussia provides around a third of European gas needs. Even though it started increasing supplies this month after repeated EU calls, spot prices are still pressured by uncertainties over the launch of the Nord Stream 2 pipeline. Nord Stream 2 is not expected to come on stream earlier than March, sources have said, potentially extending the pressure on spot gas prices further on. As gas prices jumped, Russia"s current account surplus more than tripled to $94.4 billion in the first ten months of 2021. Assuming that Russia"s revenue from gas exports next year is 50% higher than the usual level of $50-60 billion, the Russian currency could firm by around 3 roubles to the dollar, said Natalia Orlova, chief economist at Alfa Bank. But even though higher gas prices support the rouble, geopolitical risks have proven decisive. The rouble dropped in November amid mounting concerns about military manoeuvres by Russia near the border with Ukraine. read more "Geopolitics again turned into the main risk factor," said Vladimir Tikhomirov, consulting economist at BCS Global Markets. ($1 = 0.8736 euros)