[CLSTR]
< Back to all clusters
[BUSINESS] · Russia, China · 5 sources

started · updated

Russia sells gold reserves to fund growing budget deficit

Russia gold reserves Central Bank of Russia budget deficit Russian economy sanctions evasion

The Central Bank of Russia has sold gold for ten consecutive months to finance a budget deficit projected to reach 7.3 trillion rubles this year, which is double the original estimate. Since December of last year, the country’s gold reserves have decreased by approximately 2 million ounces, or about 62 tons.

Total gold reserves have fallen to 72.8 million fine troy ounces, the lowest level since the end of 2019. In September alone, reserves decreased by approximately 200,000 ounces (6.2 tons). Analysts suggest that declining oil and gas revenues, combined with Western sanctions and military spending, have forced the government to rely on gold and National Wealth Fund assets to cover shortfalls.

This rate of depletion has drawn comparisons to the 1998 financial crisis. While the current decline in reserves does not inherently signal imminent insolvency, it significantly reduces the government's financial maneuvering room. Due to international sanctions, much of the gold is being sold on the domestic market or through channels involving China.

Entities

Aleksandr Potavin · Central Bank of Russia · Finam · Ministry of Finance of the Russian Federation · Russia

Claims

What the coverage asserts, and how many sources carry each claim.

Sources

Rosja wyprzedaje złoto. Tak źle nie było od 28 lat [www.dlahandlu.pl]
Rosja sprzedaje złoto. Czy to zagraża cenom kruszcu? [bezprawnik.pl]
Rezerwy Rosji topnieją. Moskwa sprzedaje złoto na potęgę [biznes.interia.pl]
Putinova zlatá pokladnice se vyprazdňuje. Úbytek překonal celoroční bilanci roku 1998 - Ekonomický magazín [e-news.cz]
Pęka złota tarcza Putina. Rosja wyprzedaje skarby szybciej niż za Jelcyna [natemat.pl]