Russia's central bank has sold off approximately 900,000 ounces of gold since the beginning of 2026, generating an estimated $4.3 billion in proceeds. This marks the lowest gold holdings since February 2022, when the invasion of Ukraine triggered sweeping Western sanctions.
Sales on behalf of Russia’s National Wealth Fund began in November 2025 and have accelerated. April 2026 saw a reduction of 200,000 ounces, the steepest single-month drop in over 20 years. Gold averaged roughly $4,800 per ounce during the January-to-April window, marking four consecutive months of declining reserves.
Russia’s budget deficit ballooned to 4.6 trillion rubles by March 2026, fueled by shrinking oil and gas revenues and growing military expenditures. The Kremlin previously built one of the world’s largest sovereign gold stockpiles after the 2014 sanctions, aiming for a sanctions-proof financial buffer.
At the current rate, Russia is liquidating about 225,000 ounces per month. The remaining 73.9 million ounces still represent decades of runway, but the shift from accumulator to seller is unprecedented since 2002.