Russia gold reserves fall to lowest level since 2019

Russia’s gold reserves have declined for the tenth consecutive month, reaching their lowest level since 2019. In September 2026, the Russian central bank reduced its physical monetary gold stocks by 6.2 metric tons to approximately 2,260 tons.

Since December 2025, Russia has sold roughly 62 tons of gold, representing a 2.7 percent decrease. This trend marks the largest continuous sell-off of Russian gold reserves since the 1998 financial crisis. The dollar value of the monetary gold reserves fell from 333.5 billion dollars to 301.6 billion dollars during this period, driven by both physical sales and market price fluctuations.

Reports indicate that the Russian Ministry of Finance is selling foreign exchange and gold assets from the National Wealth Fund to the central bank in exchange for rubles. This mechanism is used to temporarily cover the budget deficit caused by high military expenditures and declining oil and gas revenues. Total international reserves were estimated at approximately 723.5 billion dollars as of October 9, 2026, a decrease of 45.5 billion dollars from the beginning of September.