Russia Sells Gold Reserves to Cover Budget Deficit Amid Falling Energy Revenues, Ukrainian Intelligence Says
Russia is drawing on its gold reserves to cover a growing budget deficit driven by declining oil and gas revenues and rising government spending, Ukraine’s Foreign Intelligence Service (SZRU) reported , UATV English reports. Russia’s physical gold reserves fell by 6.2 metric tons in September, reaching approximately 2,260 metric tons — their lowest level since late 2019. According to Ukrainian…
Russia is selling its gold reserves to cover a growing budget deficit caused by declining energy revenues and rising government spending, according to Ukraine's Foreign Intelligence Service (SZRU). The country's physical gold reserves fell by 6.2 metric tons in September, reaching 2,260 metric tons, their lowest level since late 2019.
Ukrainian intelligence reported that Russia's monetary gold holdings have been declining for 10 consecutive months, with a reduction of approximately 62 metric tons or 2.7% since December 2025. The government is increasingly relying on accumulated reserves due to declining oil and gas revenues and high public spending, particularly on the war against Ukraine.
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