Russia sells record gold reserves to fund war budget

The Central Bank of Russia has sold roughly 44 metric tonnes of gold since the start of 2026, a pace not seen in at least a quarter‑century. June alone saw an additional 9.33 tonnes sold, marking the sixth consecutive month of disposals and bringing the year‑to‑date total to about 43.5‑44 tonnes. The gold stock fell to approximately 2,283 tonnes.

The sales generated an estimated $5.6 billion, which the government has used to narrow a federal budget deficit that has swollen to nearly 6 trillion rubles (about $76 billion) as war‑related spending outpaces falling energy revenues. The move occurs alongside a broader decline in Russia’s official foreign‑exchange reserves, which dropped from $747 billion to $720 billion in June, while the overall strategy of monetary sovereignty remains unchanged.