Russia has begun selling more gold to cover the costs of the war
The Central Bank of Russia has been selling gold from state reserves for six consecutive months amid rising war costs. According to media reports, the Russian government is attempting to raise additional funds to finance military operations.
According to estimates, the Russian Central Bank has already sold a record 44 metric tons of gold. In this way, it is trying to plug the “hole” in the federal budget. Since the beginning of 2026, the deficit has grown to nearly 6 trillion rubles.
It is known that in June, the aggressor country’s gold reserves decreased by 9.33 metric tons. In total, they have already declined by 43.5 metric tons since the beginning of 2026.
“This sell-off was a record for at least the last quarter-century—for the entire period covered by World Gold Council statistics,” the report states.
Interestingly, even during the coronavirus pandemic, Russia sold six times less gold than it is selling now.
By depleting its “gold cushion,” the Kremlin was able to raise about $5.6 billion.
Freedom Global analyst Vladimir Chernov stated that this money was used to balance the budget.
“When oil and gas revenues fall below the level stipulated by the budget rule, or when the fund’s resources are directed toward domestic investments, the Bank of Russia conducts offsetting transactions using liquid reserve assets,” the expert explained.
He also noted that the price of gold has risen significantly in recent years.
Source: The Moscow Times
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