Time of Crisis: How Russia Weakened Its Gold Reserves in Three Years

At a time when economic pressures are intensifying, Russia has taken extraordinary steps to bolster its financial liquidity. However, these measures reveal genuine concerns about the country’s economic stability. Over the past three years, we have witnessed a radical shift in Russia’s national wealth management strategy, raising questions about the reasons and implications.

Selling Large Quantities of Gold Reserves

The shocking figure speaks for itself: Russia has sold approximately 71% of its National Wealth Fund gold over just three years. Gold reserves decreased from 554.9 tons in May 2022 to 160.2 tons at the beginning of January 2026. This sharp decline reflects the extent of the financial pressures facing the country and the urgent need to generate immediate cash liquidity.

Exposure of Liquid Assets and Potential Risks

The most concerning aspect lies in the composition of the remaining liquid assets. Total liquid assets currently amount to about 4.1 trillion rubles, distributed between remaining gold and Chinese yuan. However, forecasts suggest an additional withdrawal of up to 60% of these assets (around 2.5 trillion rubles) if oil and ruble prices remain stable. This scenario could significantly exacerbate economic weakness.

Pressures on Exchange Rate and Monetary Stability

The economic repercussions of these movements are clearly visible in the foreign exchange market. The depletion of reserves creates ongoing pressure on the ruble’s value, making it more difficult to maintain monetary stability. The unknown accounts at the Central Bank holding these assets reflect an attempt to manage the crisis cautiously, but also indicate the limits of available financial capacity.

Warning Signs and Future Scenarios

In times like these, observers should pay close attention to economic signals and money flow patterns. Indicators warn of potential additional reserve depletions, especially if external conditions do not improve. Savvy investors recognize that such moves in strategic reserve management not only indicate immediate needs but also reflect deep pressures requiring continuous monitoring. Developments in related markets, such as $ENSO, may mirror these broader dynamics.