# Russian gold reserve depletion

> Developing situation record from CLSTR: https://clstr.news/situations/russian-gold-reserve-depletion
> Updated: 2026-11-04T18:33:02.000Z. Sources: 13. Developments: 3.

The Central Bank of Russia has been selling gold reserves for ten consecutive months to finance a growing budget deficit. This deficit, driven by military spending and declining oil and gas revenues amid Western sanctions, was projected to reach 7.3 trillion rubles, doubling original estimates.

Since December 2025, gold reserves have decreased by approximately 62 tonnes (2 million fine troy ounces), bringing total reserves to 2,264 tonnes, the lowest level since the end of 2019. To bypass international banking obstructions caused by sanctions, the government is utilizing gold as a liquid asset, often selling it on the domestic market or through channels involving China. Notably, Hong Kong imported a record 112.7 tonnes of Russian gold during the first seven months of 2026.

During the third quarter of 2026, the Central Bank of Russia sold 18.66 metric tons of gold, which marked the largest reduction by any central bank globally. This liquidation follows directives from the Russian Ministry of Finance to fund the National Welfare Fund and cover a federal budget deficit projected to reach at least 3.2% of GDP. While the current drawdown is significant, it remains smaller than the 118 tonnes sold during the 1998 financial crisis. In contrast to Russia's sales, global central banks purchased 321.2 tons of gold during the same period, with the People's Bank of China acting as the largest buyer, adding 63.14 tons to its reserves.

## Claims

- The Central Bank of Russia sold 18.66 metric tons of gold in the third quarter of 2026. (reported by 3 sources)
- Global central banks purchased 321.2 tons of gold in the third quarter of 2026. (reported by 3 sources)
- Russia's gold reserves decreased by approximately 62 tons between December 2025 and September 2026. (reported by 3 sources)
- The Russian Central Bank has been selling gold for ten consecutive months. (reported by 3 sources)
- The current gold sale represents the largest reduction in Russian gold reserves since 1998. (reported by 3 sources)
- The People's Bank of China added 63.14 tons of gold to its reserves. (reported by 2 sources)
- Poland's central bank purchased 40.45 tons of gold. (reported by 2 sources)
- The Russian budget deficit is projected to be at least 3.2% of GDP in 2026. (reported by 1 source)

## Timeline

### 2026-11-04: Russia sells record gold reserves to cover budget deficit

Russia is selling gold at its highest rate since 1998 to fund budget deficits amid the war in Ukraine, while China and other nations significantly increase their gold reserves.

5 sources. https://clstr.news/cluster/russia-sells-1866-tons-of-gold-to-cover-budget-deficit

### 2026-10-27: Russia depletes gold reserves by 62 tons to support wartime economy

Russia has reduced its gold reserves by 62 tonnes since late 2025, using the metal to fund its wartime economy and manage budget deficits amid heavy international sanctions.

3 sources. https://clstr.news/cluster/russia-depletes-gold-reserves-by-62-tons-to-support-wartime-economy

### 2026-10-20: Russia sells gold reserves to fund growing budget deficit

Russia's central bank has sold gold for ten straight months to cover a budget deficit that has doubled to 7.3 trillion rubles, bringing reserves to their lowest level since 2019.

5 sources. https://clstr.news/cluster/russia-sells-gold-reserves-to-fund-growing-budget-deficit

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Cite as: Russian gold reserve depletion. CLSTR, https://clstr.news/situations/russian-gold-reserve-depletion