Russia is continuing to sell its gold reserves as the cost of the war and a growing budget deficit put increasing pressure on the country’s public finances.
During the third quarter of 2026, the Central Bank of Russia sold 18.66 tonnes of gold, making Russia the world’s largest central-bank gold seller during that period. The figures were reported by the World Gold Council.
Russia has sold gold for ten consecutive months, with the Central Bank following the Finance Ministry’s policy of using funds from the National Wealth Fund to cover the budget deficit.
Data show that between December 2025 and September 2026, Russia’s gold reserves declined by approximately 62 tonnes.
At the same time, China has become the leading buyer of Russian gold. During the January–July period alone, around 100 tonnes of gold passed through Hong Kong, three times the volume recorded during the same period a year earlier.
According to estimates by the British newspaper Financial Times, Russian gold worth approximately $35 billion has been transported through Hong Kong since the start of Russia’s full-scale invasion of Ukraine.
The continued sale of gold reserves comes as Moscow faces the enormous costs of the war and mounting pressure to finance government spending.
These developments have made gold reserves an increasingly important source of funding for Russia’s public finances.
