War is forcing Putin to sell Russia's gold reserves

Russia is continuing to sell its gold reserves at a time when war spending and a budget deficit are putting pressure on the Russian state's finances.

During the third quarter of 2026, the Central Bank of Russia sold 18.66 tons of gold, ranking first in the world in the amount of gold sold by central banks during this period. The data was released by the World Gold Council.

Russia has been selling gold for ten consecutive months, while the Central Bank is following the policy of the Ministry of Finance, which is using funds from the National Wealth Fund to cover the budget deficit.

The data shows that between December 2025 and September 2026, Russia's gold reserves decreased by about 62 tons.

At the same time, China has become the main buyer of Russian gold. In the period January-July alone, about 100 tons of gold passed through Hong Kong, a quantity three times greater than in the same period the previous year.

According to estimates by the British newspaper Financial Times, since the beginning of the full invasion of Ukraine, Russian gold worth about $35 billion has been transported through Hong Kong.

The continued sale of gold reserves comes at a time when Moscow is facing high war costs and the need to finance state spending.

These developments make the gold reserve an important source for supporting Russia's public finances.