The Central Bank of Russia has for the first time switched to direct sales of gold from its reserves on the domestic market, opening access to the metal for banks, state-owned companies, and individual investment structures.
Points of attention
- The Russian Central Bank is forced to sell gold to support the ruble and patch up corporate liquidity.
- Russia's strategic gold reserves are rapidly decreasing, which could lead to a shortage of liquid reserves.
- Selling gold can help secure the budget, but poses long-term risks to public finances.
The Central Bank of the Russian Federation is selling strategic gold reserves
It is noted that direct sales are a forced step for the regulator, as gold is actually turning into a tool for supporting the ruble, patching up the liquidity of corporations, and covering budget needs in the face of the rapid depletion of other resources.
According to intelligence, until 2025, the Central Bank of the Russian Federation did not sell gold to commercial market participants, but only accepted it from the Ministry of Finance, increasing its own reserves.
The regulator is now moving to sell-off. At the same time, the National Welfare Fund of the Russian Federation is rapidly losing liquid assets: from $113.5 billion in 2022 to $51.6 billion in 2025. The volume of gold in the fund's structure has decreased by 57% during this time — from 405.7 tons to 173.1 tons.
According to the forecast of the SZRU, in 2025 sales volumes may reach $30 billion (about 230 tons of gold), and in 2026 - at least $15 billion (115 tons).
The intelligence community states that such large-scale monetization of reserves accelerates the depletion of reserves, which are already under pressure from sanctions and the decline in available currency instruments.
The gold sales strategy supposedly allows for quick budget replenishment and maintaining ruble stability, but it creates long-term risks: it deepens the deficit of liquid reserves, makes public finances more dependent on asset sales, and limits opportunities for future interventions.
