Since the start of the full-scale invasion of Ukraine in 2022, the value of the Russian Central Bank's gold reserves has increased by $216 billion. According to Bloomberg, this amount is virtually equivalent to the volume of Russian sovereign assets currently frozen in Europe. This is reported by UNN.
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As of the end of 2025, Russia's total international reserves amounted to almost $755 billion. The share of gold in them is estimated at $326.5 billion. The rapid increase in asset value is due to price dynamics in the global market: in 2025, gold rose by 65%, and since the beginning of 2026, the price has increased by another 8%, exceeding the $4,700 per ounce mark.
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Despite Russia being the world's second-largest gold producer with an annual output of over 300 tons, since 2022, this metal has been cut off from Western markets. Sanction restrictions complicate transactions even with Asian buyers, limiting Russia's ability to freely dispose of accumulated reserves.
It will be recalled that in December, the European Union approved the indefinite freezing of Russian assets worth $244 billion.
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