Russia Gold Reserve: Russia sold approximately 14 tonnes (50,000 ounces) of gold in the first two months of 2026. Of these, the Central Bank of Russia sold 300,000 ounces in January and 200,000 ounces in February.

Russia is selling gold from its gold reserves.

Russia Gold Reserve: Russia has begun selling gold from its central bank reserves for the first time in 25 years, according to a report by Berlin-based news outlet bne IntelliNews.

The report states that regulatory data shows that Russia sold more than 15 trillion rubles ($150 billion) in gold and foreign currency between 2022 and 2025. This was followed by additional sales of 3.5 trillion rubles ($35 billion) in the first two months of 2026. In January alone, Russia's Central Bank sold 300,000 ounces of gold and 200,000 ounces in February.

Why is Russia selling gold?

Russia's war with Ukraine is dragging on, leading to a massive increase in military spending. This is the fourth year of Russia's ongoing war in Ukraine. This year, Russia allocated a record 14.5 trillion rubles to its defense budget. This represents nearly 40 percent of total government spending. Tax collections alone are not sufficient to cover this amount.

Russia's budget deficit is projected to reach 2.6-3.4 percent in 2025 due to the war in Ukraine, which has led several Western countries to impose sanctions on Russia's oil and gas, its main source of income. Russia is using its gold reserves to cover these losses.

Russia changed its strategy.

Previously, Russia's Central Bank and Ministry of Finance only transferred gold on paper, but now actual gold bars are being withdrawn from the gold reserves and sold on the market. This massive sale has pushed Russia's gold reserves to a four-year low (74.3 million rubles). This reflects the extent of pressure on the Russian economy as the war enters its fourth year.