Russian sales bring gold reserves to their lowest since 2020

Bloomberg News | August 21, 2026 | 

Moscow had stopped releasing official gold-mining data after its 2022 invasion of Ukraine. (Image from Vladimir Putin’s website)

The Bank of Russia continues to sell gold from its reserves, cutting its holdings at the end of July to the lowest level in more than six years.

Russia’s bullion holdings fell by 1.6 million ounces since the start of the year to 73.2 million ounces as of Aug. 1, according to data published Thursday by the central bank. That’s the smallest amount since January 2020.

The value of the bank’s gold reserves fell by $33.7 billion over the seven months, according to the data.

The Bank of Russia was once the world’s biggest sovereign buyer of gold, purchasing much of the country’s mined output before pausing acquisitions in early 2020. Two years later, its pledge to resume buying helped absorb part of the supply that the country struggled to export due to sanctions imposed over the February 2022 invasion of Ukraine, but the bank never resumed large-scale purchases.

The central bank began reducing its gold holdings last year as the Finance Ministry sold the precious metal and foreign currency from the National Wellbeing Fund to help cover budget shortfalls caused by weaker energy revenue.

Under a so-called mirror mechanism, the central bank carries out matching operations in the domestic market to offset the impact of those government transactions on the ruble and financial system.