Russia's gold reserves have fallen to a six-year low
Russia’s gold reserves continue to decline and, as of August 1, stood at 73.2 million troy ounces, or about 2.28 thousand metric tons. This is the lowest level in more than six years—since January 2020. In July alone, the amount of gold in reserves decreased by another 0.2 million ounces, and since the beginning of 2026, Russia has lost about 50 metric tons of gold. Data from the Bank of Russia confirm that the decline has continued for the seventh consecutive month.
Russia’s gold reserves began to decline noticeably in 2026. While the country’s international reserves stood at 74.8 million troy ounces of gold in early January, they had fallen to 73.2 million by August 1. In other words, the figure decreased by approximately 1.6 million troy ounces over seven months. In terms of weight, this amounts to about 50 metric tons.
According to the Bank of Russia, the decline occurred almost every month. As of February 1, the reserves stood at 74.5 million ounces; as of March 1—74.3 million; as of April 1—74.1 million; as of May 1—73.9 million; as of June 1—73.7 million, and as of July 1—73.4 million. By early August, the figure had fallen by another 0.2 million ounces—to 73.2 million. Thus, this is not a one-time drop. Gold reserves have been declining for the seventh consecutive month.
This is the lowest level since 2020
In terms of gold holdings, Russia has returned to roughly the level last recorded in early 2020. After that, the Bank of Russia accumulated the precious metal for a long time and increased its share in international reserves. This policy was a key part of Moscow’s efforts to reduce its dependence on foreign currency. Gold was viewed as an asset that could be stored domestically and used as a financial buffer.
In early 2025, Russia’s international reserves held about 75 million troy ounces of gold. Throughout 2025, the volume remained virtually unchanged, but in 2026, the trend shifted sharply. Now, instead of growing, the stock is gradually shrinking. And every month, the Bank of Russia records a further decline.
Why Russia Began Selling Gold
Gold is part of the country’s international reserves. The central bank can use such assets to support the financial system, conduct operations, and manage liquidity. In Russia, the need for such resources has become particularly important following the full-scale invasion of Ukraine and the imposition of Western sanctions. A significant portion of Russia’s foreign exchange reserves has been frozen abroad, so Moscow relies heavily on assets under its control.
Gold is one such asset. But if a country begins to sell it, the physical volume of its reserves decreases. Bloomberg attributes the current decline to Russia’s sale of gold. According to the agency, over the first seven months of 2026, the value of gold in reserves decreased by $33.7 billion.
At the same time, it is important to distinguish between two things—the value of gold and its physical volume. The value can fluctuate due to changes in the global price of the metal. The number of troy ounces, however, indicates how much gold actually remains in reserves.
Russia previously actively bought up gold
The current situation is particularly noticeable against the backdrop of the Bank of Russia’s previous policy. For a long time, the central bank was one of the world’s largest government buyers of gold. The regulator actively built up its stockpile of the precious metal in an effort to create a more secure structure for its international reserves.
However, in early 2020, the Bank of Russia suspended its regular gold purchases. Even after that, the size of the reserves remained very large. In 2025, it remained virtually unchanged. At the start of 2026, reserves stood at 74.8 million ounces, but the figure began to decline within the first month. The trend has now stabilized: 74.8 → 74.5 → 74.3 → 74.1 → 73.9 → 73.7 → 73.4 → 73.2 million ounces from January through August.
What Is Happening to Russia’s International Reserves?
The decline in gold reserves is occurring against the backdrop of notable changes in other components of Russia’s international reserves as well. According to official data from the Bank of Russia, as of August 1, 2026, the total volume of international reserves stood at $720.348 billion. Of this amount, $292.854 billion was in the form of monetary gold. By comparison, as of July 1, total reserves stood at $720.447 billion, while the value of gold was $298.991 billion.
In other words, over the course of a month, the total volume of international reserves remained virtually unchanged, but the value of gold within their composition declined significantly. This is an important point: a decline in gold reserves does not automatically mean that all of Russia’s reserves are running out. The reserves also include foreign currency, special drawing rights, and a reserve position at the IMF. At the same time, the very trend of reducing physical gold reserves indicates that Moscow is utilizing one of its most important assets, which it has accumulated over the years.
Why Does Russia Need Gold?
For a central bank, gold serves as a form of financial insurance. It is not an obligation owed by another country or bank and does not depend directly on the operations of any specific financial institution. That is why central banks in various countries hold a portion of their reserves in gold. It can be sold on the international market or used as an asset for certain financial transactions.
For Russia, the importance of gold has grown even more since Western countries froze part of its international reserves. For many years, Moscow has been trying to create a system that is less dependent on the dollar and the euro. One of the main tools of this policy was the accumulation of gold. Now the situation has changed. Instead of building up its reserves, Russia is gradually reducing them.
Does this mean Russia is running out of gold?
No, there is no reason to say that Russia has run out of gold. 73.2 million troy ounces is still a huge reserve—approximately 2,280 metric tons of the precious metal. The problem lies elsewhere—the reserves, which were accumulated over the years as a financial cushion, have begun to decline.
If this trend continues for a long time, the ability to use gold as a reserve asset will gradually diminish. But it would be wrong to conclude that Russia’s reserves are inevitably running out based solely on these figures. What is more important at the moment is this: after a long period of accumulation, Russia has shifted to a consistent reduction in the physical volume of its gold holdings.
What the Numbers Show
The trend for 2026 looks like this:
- January 1 — 74.8 million troy ounces;
- February 1 — 74.5 million;
- March 1 — 74.3 million;
- April 1 — 74.1 million;
- May 1 — 73.9 million;
- June 1 — 73.7 million;
- July 1 — 73.4 million;
- August 1 — 73.2 million.
In other words, in July alone, Russia lost about 0.2 troy ounces, or approximately 6.2 metric tons of gold. Over seven months, the decline totaled about 1.6 million ounces, or about 50 metric tons. Official statistics from the Bank of Russia confirm the pattern of the decline.
Consequently, Russia’s gold reserves have fallen to their lowest level in more than six years. While the country’s total international reserves remain substantial, the decline in gold reserves indicates that Moscow is gradually drawing down an asset it has accumulated over the years as a safeguard against external financial constraints. This is reported by Russian media.
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