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Russia gold sales to fund war

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2026-08-07 09:21 UTC → 2026-08-21 15:22 UTC · added removed

In July 2026 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 war-related spending outpaced falling energy revenues. By June June, the gold stock fell to around 2,283 tonnes, and overall foreign‑exchange 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 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.

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  1. 2026-08-21 15:22 UTC Russia gold sales to fund war
  2. 2026-08-07 09:21 UTC Russia gold sales to fund war

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