Russia’s gold reserves continue to decline in 2026. As of early March, their volume stood at about 2,311 tons compared to 2,326 tons in January. This was reported by the Foreign Intelligence Service of Ukraine.
Source: Espreso
For the first time in a long period, the Central Bank of Russia has begun selling gold on the domestic market. The regulator took this step in November 2025, moving away from its previous accumulation strategy. Since then, sales volumes have only increased.
The structure of these operations indicates the impact of sanctions. The central bank exchanges gold for yuan, while commercial banks, which face fewer restrictions, sell the metal abroad and use the proceeds to support liquidity.
Russia’s total international reserves have also declined. In February, they fell from $833.6 billion to $809.3 billion. At the same time, a significant portion of these funds — about $300 billion — remains frozen due to sanctions, which severely limits their use.
Against this backdrop, the share of gold in reserves has reached nearly 47%, effectively making it one of the few available financial instruments.
The reduction in reserves is driven by several factors: the need to finance the budget deficit, limited access to key currencies, and the necessity to maintain yuan liquidity for currency operations.
Unlike the global trend, where central banks are actively increasing their gold holdings, Russia is forced to sell them. According to the Foreign Intelligence Service of Ukraine, this highlights the vulnerability of the country’s financial system: gold is increasingly being used as a source of quick liquidity, while dependence on China’s financial sector is growing.