Kathrine Frich
Mounting financial pressure is forcing governments to make difficult economic choices.
In Russia, years of strain linked to war spending and sanctions are beginning to show in new ways.
A recent move by the country’s central bank shows how far authorities may be willing to go to stabilize state finances.
Rare gold sales
Russia has begun selling gold from its central bank reserves for the first time in nearly 25 years, according to The Moscow Times cited by Digi24.
Official data shows that 300,000 ounces were sold in January 2026, followed by another 200,000 ounces in February.
The combined total, equivalent to around 14 tons, marks the largest disposal of gold reserves since 2002.
Reserves decline
As a result of these sales, Russia’s total gold holdings have dropped to 74.3 million ounces, the lowest level in four years.
In the past, gold reserves were largely preserved, with only limited use for minting coins or internal financial operations.
This time, however, authorities have carried out direct sales of physical gold, signaling a shift in policy.
Budget pressure
The move comes as Russia faces a growing budget deficit. Between 2022 and 2025, the shortfall exceeded 15 trillion rubles, with an additional 3.5 trillion rubles recorded in the first two months of 2026.
Analysts say the sales reflect increasing pressure on state finances amid ongoing economic challenges.
Sanctions impact
Experts cited by The Moscow Times link the decision to restrictions on Russia’s access to foreign currency reserves.
Around $300 billion in assets held abroad were frozen under Western sanctions, limiting the central bank’s ability to intervene in markets.
Economists Alexandr Prokopenko and Alexandr Kolyandr suggest that selling gold may be intended to preserve remaining reserves in currencies such as the Chinese yuan, which are still accessible for stabilizing the ruble.
Sources: The Moscow Times, World Gold Council, Digi24.
