Russia becomes world's top central bank gold seller

The Central Bank of Russia has become the world's largest seller of gold among central banks during the second quarter of 2026. According to the World Gold Council, Moscow sold 21.77 tonnes of gold bullion between April and June, significantly outpacing Turkey, which sold 4.23 tonnes in the same period.

Between January and July, the central bank sold a total of 49.7 tonnes, marking the largest such operation since the 1998 default. As a result, Russian gold reserves fell to 73.2 million troy ounces by August 1, the lowest level since 2020. The proportion of gold within total reserves has dropped from 48 percent to 41.5 percent.

These strategic sales are intended to finance a growing federal budget deficit, which reached 6.45 trillion rubles (approximately $75 billion) in the first seven months of the year, and to address foreign currency liquidity shortages. The sales follow the loss of access to approximately $300 billion in frozen foreign currency reserves due to Western sanctions. Despite these liquidations, Russia maintains one of the world's largest gold reserves.