The Central Bank of the Russian Federation has for the first time begun direct sales of gold from its reserves on the domestic market, opening access to the metal for banks, state-owned companies, and investment structures. This step is intended to support the ruble, ensure corporate liquidity, and cover budget needs amid the rapid depletion of other resources. This was reported by UNN with reference to the Foreign Intelligence Service.
The Central Bank of Russia has for the first time resorted to direct sales of gold from its reserves on the domestic market, opening access to the metal for banks, state-owned companies, and certain investment structures. For the regulator, this is a forced step: gold is effectively becoming a tool to support the ruble, patch up corporate liquidity, and cover budget needs amid the rapid depletion of other resources.
Until 2025, the Central Bank of the Russian Federation did not sell gold to commercial market participants – it only accepted it from the Ministry of Finance, increasing its own reserves. Now, however, the regulator is moving to sell off, while the National Welfare Fund is rapidly losing liquid assets: from $113.5 billion in 2022 to $51.6 billion in 2025. The volume of gold in the fund's structure during this period decreased by 57% – from 405.7 tons to 173.1 tons.
In 2025, sales volumes could reach $30 billion (about 230 tons of gold), and in 2026 – at least $15 billion (115 tons). Such large-scale monetization of reserves accelerates the depletion of stocks, which are already under pressure from sanctions and the decline in available currency instruments.
The strategy of selling gold supposedly allows for prompt budget replenishment and ruble stability, but it creates long-term risks: it deepens the deficit of liquid reserves, makes state finances more dependent on asset sales, and limits opportunities for future interventions. The actual "eating away" of reserves – including gold, which for decades was considered untouchable – underscores how narrowed Moscow's financial space has become under the pressure of sanctions.
Recall
As UNN previously reported, in the third quarter of 2025, Russia's coal industry plunged into systemic imbalances, leading to a persistent crisis, according to the Foreign Intelligence Service. 74% of companies are operating at a loss, and 23% have completely halted production, with the industry's total loss reaching $3.32 billion.