Russia Unloads Gold Reserves Amid Fiscal Pressures

Russia's government is selling gold to support its economy in 2026 as it faces fiscal pressures and shrinking hydrocarbon revenues.

The country has been selling approximately 44 tonnes of gold between January and June, with a notable drawdown of 10 tonnes in June alone. This represents one-sixth of what was sold during the pandemic in 2020-2021.

The Bank of Russia is using a domestic mechanism to sell physical gold directly into the market, generating ruble liquidity without interacting with Western-controlled payment infrastructure.