Russia Sells Gold to Address Budget Deficit Amid Ukraine War and Sanctions
Russia has been actively selling its gold reserves to manage a significant budget deficit exacerbated by the ongoing war in Ukraine and international sanctions. As of July 2026, Russia's gold reserves have decreased by 1.4 million ounces since the beginning of the year, marking the sixth consecutive month of decline. The Central Bank of Russia reported that the country's gold reserves stood at 73.4 million troy ounces, equivalent to 2,282 tonnes. This reduction in gold reserves is part of Russia's strategy to cope with the financial strain caused by the war and sanctions. Additionally, Ukraine has intensified its military actions, conducting drone strikes on Russian logistics and military facilities, including a missile parts plant and an oil facility. 
