Russia's gold reserves have fallen to a seven-year low due to a budget deficit — SZR

Russia’s gold reserves have been declining for the tenth consecutive month and fell by another 6.2 metric tons in September—to 2,260 metric tons, the lowest level since the end of 2019. This was reported on October 28 by the Foreign Intelligence Service of Ukraine.

According to the SVR, the Kremlin is forced to sell off the precious metal to cover a growing budget deficit caused by falling oil and gas revenues and high military spending. 

Overall, since December 2025, the physical volume of Russia’s gold reserves has decreased by 62 metric tons (2.7%), and the aggressor’s international reserves had fallen to $723.5 billion as of October 9 (down $45.5 billion compared to early September). Due to Western countries freezing most of the Russian Central Bank’s foreign assets, Moscow’s main available liquid resources remain monetary gold and assets denominated in Chinese yuan.

Source: Foreign Intelligence Service of Ukraine / “ArmyInform”

The Central Bank of Russia has been reducing its gold reserves for the tenth consecutive month to help cover the state budget deficit. Since December 2025, gold reserves have decreased by approximately 62 metric tons—the largest reduction since the 1998 financial crisis. 

Meanwhile, Russian gold is increasingly finding its way to China, as it has become more difficult for Russian suppliers to sell it on Western markets since the start of the full-scale war against Ukraine.