Since the beginning of 2026, Russia has significantly reduced its gold reserves, selling 900 thousand ounces of this precious metal. As of May 1, the volume of gold reserves in the Russian Federation has fallen to the lowest level since the full-scale invasion of Ukraine, marking the lowest figure in the last four years.
This is reported by Finway
Record Decrease in Reserves and Potential Revenues
In the first four months of 2026, the size of the gold reserves of the Russian Federation decreased to 73.9 million ounces. At the same time, gold prices this year reached a historic high, averaging around $4,800 per ounce. Assuming that the gold was sold at market prices, the Russian authorities could have received about $4.3 billion.
“This is the lowest level of gold reserves in the Russian Federation since February 2022, when President Vladimir Putin began the full-scale invasion of Ukraine.”
Change in the Central Bank of Russia’s Policy on Gold
Until 2020, the Bank of Russia was the largest state buyer of gold in the world, purchasing almost all the volume mined in the country. However, after the onset of the pandemic, purchases were suspended, and after the imposition of international sanctions, the Central Bank only partially returned to this strategy. A full recovery of gold purchases has not occurred, leading to the current record reduction in reserves.