Russia's gold reserves shrink to 2022 minimum - intelligence

Russia's gold reserves in 2026 decreased by approximately 15 tons to 2,311 tons as of early March, compared to 2,326 tons in January. This is the lowest figure since March 2022. This was reported by the Foreign Intelligence Service of Ukraine, according to UNN.

The Central Bank of the Russian Federation first resorted to selling gold to domestic market participants in November 2025 – a step that the regulator had previously fundamentally avoided, limiting itself to accumulating the metal. Since then, sales have continued, and their scale is growing.

The mechanism used indicates the depth of sanctions restrictions. The Central Bank of the Russian Federation exchanges gold for yuan, and commercial banks, which are under less stringent restrictions, sell the metal on foreign markets, leaving the proceeds to maintain their own liquidity.

The total volume of Russia's international reserves decreased in February from $833.6 billion to $809.3 billion. However, the real picture is much worse: about $300 billion of this amount are frozen assets, unavailable for use. Gold, meanwhile, accounts for almost 47% of the reserves, meaning it is practically the only liquid instrument remaining at the Kremlin's disposal.

Recall

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.