Russia is reducing gold reserves because it needs money for the war – Metals Focus

Thu June 04 2026

In 2025, Russia reduced its gold reserves by 6 tons. This was the first annual decline in gold reserves in twenty years. About writes The Insider, citing a private study of Gold Focus 2026 by the consulting company Metals Focus.

And more: gold sale will continue in 2026. According to Metals Focus, Russia's reserves are being reduced by an average of about 7 tons per month. Analysts attribute the change in reserve management policy to the need to finance Russia's spending on the war with Ukraine and budget deficit.

This process is expected to continue. According to analysts, Russia may become one of the largest sellers of gold among central banks and government agencies this year.

However, the report does not disclose to whom exactly Russia sells its gold and through what channels these transactions are carried out. The document contains no information about specific buyers, intermediary banks, or destination countries. However, Russia

is mentioned among the suppliers of gold to the Chinese market.

According to Metals Focus, last year Russia retained its second place in the world's gold production after China. Russian production rose to 345 tons, up from 330 tons in 2024, which is a 5% increase. Thus, Russia is second only to China, which produced 384 tons, and significantly ahead of Australia, which produced 293 tons of gold.

The growth, analysts say, occurred despite a decline in production at Russia's largest gold miner Polyus. The increase in total production was driven by an increase in ore processing and higher performance at a number of deposits in different regions of the country.

Russia also remains one of the largest gold holders in the world. According to Metals Focus, at the end of 2025, the country's gold reserves amounted to about 2,327 tons. By this indicator, Russia ranks sixth in the world after the United States, Germany, Italy, France, and the International Monetary Fund.

Gold accounts for about 44% of the country's international reserves, which is one of the highest among the largest economies.

• By the end of 2024, gold for the first time bypassed the euro by volume in the reserves of global central banks. In 2025, gold outperformed uS Treasury bonds by share in global official reserves and sustainability the largest reserve asset central banks.

Source: https://finance.liga.net