Kremlin begins record-breaking gold sell-off from central bank reserves
Russia's central bank became the world's largest seller of gold among central banks following a large-scale sale of gold bars from its reserves in 2026, The Moscow Times reported on September 8.
The Kremlin has initiated the largest gold sell-off in history, with the Russian Central Bank selling 21.77 tonnes of gold bars from its reserves in the second quarter of 2026, according to The Moscow Times. This represents the highest single-instance gold sale since 1998, when Russia conducted a massive 3.8 million ounce sale amid financial turmoil.
The primary reason for the sell-off is to address budget deficits and foreign currency liquidity shortages, with the central bank selling gold primarily to cover the state budget deficit and alleviate currency shortages. Other central banks, such as Turkey, Malta, and Romania, have also sold relatively small amounts of gold, while Poland, China, and Uzbekistan are among the largest buyers.
The gold reserves of the Russian Central Bank have fallen to their lowest level since 2020, and the Kremlin's decision indicates that the country is running out of liquid assets.
Brief written by urgent.news from New Voice of Ukraine's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
