The Russian Central Bank's gold reserves have fallen to their lowest level in four years
The Russian Central Bank's gold reserves plummeted in February 2026, falling to 74.3 million troy ounces.
According to Russian government agencies, this figure is the lowest since March 2022, when reserves were estimated at 74.1 million ounces.
The trend of declining gold reserves for the aggressor country—in physical terms—has been recorded for the second consecutive month.
At the beginning of this year, as of January 1, 2026, Russian reserves stood at 74.8 million troy ounces of the precious metal.
During January, Russia’s gold reserves decreased by 300,000 troy ounces, and in February, the trend continued with another drop of 200,000 ounces.
Thus, in a short period of time, the Russian Central Bank lost a significant portion of its liquid assets in the form of gold.
Experts attribute this reduction to the need to cover the budget deficit and finance military expenditures amid international sanctions.
Selling gold remains one of the few tools available to the Kremlin to maintain the stability of the national currency.
It is worth noting that current figures have effectively brought Russian reserves back to the level seen in the first months of the full-scale invasion.
This indicates the gradual depletion of previously accumulated financial “safety cushions” due to the prolonged isolation of the Russian economy.
As a reminder, in Russia, doctors and miners are being left without pay en masse despite the Kremlin’s promises.
Also, over 1.2 million websites have been blocked in Russia over the past year.
