# Russia gold sales to fund war

> Live situation record from CLSTR: https://clstr.news/situations/russia-gold-sales-to-fund-war
> Updated: 2026-08-20T16:45:19.000Z. Sources: 13. Developments: 3.

In July 2026, the Central Bank of Russia reported selling roughly 44 metric tonnes of gold since the start of the year, generating about $5.6 billion. The proceeds were used to narrow a federal budget deficit that had swelled to nearly 6 trillion rubles as war-related spending outpaced falling energy revenues. By June, the gold stock fell to around 2,283 tonnes, and overall foreign-exchange reserves dropped from $747 billion to $720 billion.

A week later, in early August, analysts confirmed that Russia had become one of the world’s largest gold sellers over the past twelve months. By the end of the first half of 2026, the country’s gold holdings stood at 2,282 tonnes, a decline of roughly 43.5 tonnes—the lowest level since before the February 2022 invasion of Ukraine. Sales in the first quarter amounted to about 22 tonnes, with June alone bringing in $1.23 billion. Commentators noted that the sales reflected a need for liquid assets as oil and gas revenues fell short of fiscal targets, but did not signal imminent bankruptcy.

By August 1, 2026, gold reserves reached a six-year low of approximately 2,280 tonnes (73.2 million troy ounces). This drawdown resulted in a $33.7 billion reduction in the reserves' financial value over the first seven months of the year. The Ministry of Finance has been utilizing gold and assets from the National Wellbeing Fund to cover budget gaps, with the Bank of Russia facilitating transfers through a mirror mechanism. This shift marks a reversal for the Bank of Russia, which was previously the world’s largest sovereign buyer of gold. Using gold is prioritized because much of the nation’s reserves are stored locally, providing immediate access while foreign currency reserves remain largely frozen due to international sanctions.

## Timeline

### 2026-08-20: Russia gold reserves hit six-year low amid budget deficits

Russia's gold reserves have hit a six-year low of 73.2 million ounces, as the central bank sells bullion to help the Ministry of Finance cover budget deficits caused by fluctuating energy revenues.

5 sources. https://clstr.news/cluster/bank-of-russia-gold-reserves-hit-six-year-low

### 2026-08-07: Russia sells gold reserves to raise cash amid widening fiscal deficit

Russia sold over $5 bn of gold in early 2026, cutting reserves to a five‑year low to fund a widening fiscal gap caused by soaring defence costs.

8 sources. https://clstr.news/cluster/russia-sells-gold-reserves-to-raise-cash-amid-widening-fiscal-deficit

### 2026-07-21: Russia sells record gold reserves to fund war budget

Russia’s central bank sold a record 44 tonnes of gold in 2026, raising about $5.6 bn to help cover a war‑driven budget deficit of nearly 6 trillion rubles.

6 sources. https://clstr.news/cluster/russia-depletes-gold-reserves-to-fund-war-effort

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Cite as: Russia gold sales to fund war. CLSTR, https://clstr.news/situations/russia-gold-sales-to-fund-war