Russia has begun selling its strategic gold reserves – intelligence

The Central Bank of Russia has for the first time started direct sales of gold from its reserves on the domestic market, providing access to this metal to banks, state-owned companies and individual investment structures. This was reported by Foreign Intelligence Service of Ukraine.

Until 2025, the Central Bank of the Russian Federation did not sell gold to commercial market participants – it only accepted it from the Ministry of Finance of the Russian Federation, increasing its own reserves. Now, the regulator is moving to its sale, while the National Wealth Fund is losing liquid assets: from $113.5 billion in 2022 to $51.6 billion in 2025. During this period, the volume of gold in the fund's structure decreased by 57% – from 405.7 tons to 173.1 tons.

In 2025, sales could reach $30 billion (approximately 230 tonnes of gold), and in 2026, at least $15 billion (115 tonnes).

"Such large-scale monetization of reserves accelerates the depletion of stocks, which are already under pressure from sanctions and the decline in available foreign currency instruments," the intelligence agency noted.

According to the Foreign Intelligence Service of Ukraine, the current strategy of selling gold allows for rapid budget replenishment and ruble exchange rate support. However, it also creates long-term risks: it deepens the shortage of liquid reserves, increases the dependence of state finances on asset sales, and narrows the potential for further currency interventions.

• On July 3, it became known that in Russia one of the largest gold mining companies will be nationalized billionaire Strukov.
• In September, it became known that Russia plans to limit the export of ingots gold by individuals up to 100 grams.