Russia’s 2025 Gold Export Surge to China Signals Financial Strain

Thu Jan 29 2026

In 2025, Moscow sharply boosted its gold exports to China, seen as an involuntary sale of reserves under financial pressure and liquidity shortages amid war and sanctions. According to intelligence, the information is confirmed by the Foreign Intelligence Service of Ukraine.

Over the year, Russia shipped 25.3 tonnes of gold to China – nine times more than in 2024. In monetary terms, exports rose to $3.29 billion, compared with just $223 million the year before, underscoring the scale and atypicality of the operations

– Foreign Intelligence Service of Ukraine

Deliveries were uneven and concentrated in several short periods: February–March and October–December, indicating instability in the export schedule.

According to intelligence, the peak load fell in December: Russia shipped 10 tonnes of gold worth about $1.35 billion, which accounted for more than 40% of the annual volume.

    Such concentration at the end of the year indicates the use of gold as a tool for urgent fundraising. Exports were mainly in the form of gold bars, which facilitates rapid monetization of assets

    – Foreign Intelligence Service of Ukraine

Export growth occurred in parallel with a rapid drawdown of Russia’s domestic gold reserves.

As of January 1, 2026, the National Welfare Fund’s gold reserves stood at about 160.2 tonnes, while in May 2022 this figure exceeded 554.9 tonnes.

In particular, according to intelligence, this dynamic indicates a systematic depletion of reserves.

Context and Implications

Sanctions pressure and restrictions on access to Western trading infrastructure are prompting Russia to redirect gold-and-foreign-exchange flows to Asia, with a focus on China, leaving Moscow with a limited circle of buyers.

At the same time, the sharp ramp-up of exports to China appears to be a short-term financial maneuver aimed at plugging budget gaps, particularly at the end of the financial year, at the cost of reducing strategic reserves

– Foreign Intelligence Service of Ukraine

According to information sources, the Russian economy is entering a phase of “expensive money,” which is becoming the new norm amid the war against Ukraine and prolonged macroeconomic instability.

Agreement with intelligence data indicates that gold has become one of the key instruments for financing the budget under rising pressure and restrictions on Western markets.

Source: https://mezha.net/