{"id":552597,"date":"2026-07-21T16:39:16","date_gmt":"2026-07-21T16:39:16","guid":{"rendered":"https:\/\/www.newsbeep.com\/il\/552597\/"},"modified":"2026-07-21T16:39:16","modified_gmt":"2026-07-21T16:39:16","slug":"russia-burns-through-43-5-tons-of-gold-as-federal-budget-deficit-swells-united24-media","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/il\/552597\/","title":{"rendered":"Russia Burns Through 43.5 Tons of\u00a0Gold as\u00a0Federal Budget Deficit Swells \u2014 UNITED24 Media"},"content":{"rendered":"

Russia\u2019s central bank has reduced its gold holdings for a\u00a0sixth consecutive month, selling 43.5 metric tons since January in\u00a0the largest six-month drawdown recorded in\u00a0at\u00a0least a\u00a0quarter-century, The Moscow Times reported on\u00a0July\u00a021.<\/p>\n

The sales come as\u00a0Russia\u2019s federal budget deficit approached<\/a> 6\u00a0trillion rubles (more than $76 billion) during the first half of\u00a0the year.<\/p>\n

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In\u00a0June alone, the Central Bank of\u00a0Russia\u2019s gold holdings fell by\u00a0another 300,000 troy ounces, equivalent to\u00a0approximately 9.33 metric tons. Since the beginning of\u00a02026, the reserve has declined by\u00a01.4 million ounces.<\/p>\n

Russia still holds the world\u2019s fifth-largest national gold stockpile, but the current selloff is\u00a0unprecedented across the entire period covered by\u00a0World Gold Council statistics.<\/p>\n

The closest comparable episode occurred in\u00a02002, when Russia\u2019s reserves fell by\u00a036.1 tons between January and June.<\/p>\n

Even during the COVID-19 pandemic, when the government sold reserve assets to\u00a0support the ruble and federal finances, Russia disposed of\u00a0only 7.6 tons of\u00a0gold between July 2020\u00a0and April 2021\u2014roughly one-sixth of\u00a0the amount sold so\u00a0far this year.<\/p>\n

\"Russia\u2019s<\/p>\n

Read more<\/p>\n

CategoryWorld<\/a>Russia\u2019s Gold Reserves Shrink for Fourth Consecutive Month Amid Rising Budget Demands<\/a><\/p>\n

\n May 20, 2026 21:32\n <\/p>\n

As\u00a0of\u00a0July 1, 2026, the central bank\u2019s gold holdings had fallen to\u00a0approximately 2,283 tons, or\u00a073.4 million ounces, their lowest level since February 2020.<\/p>\n

The sales may have generated around $5.6 billion, according to\u00a0Freedom Global analyst Vladimir Chernov. He\u00a0told<\/a> Reuters that the funds were effectively used to\u00a0help balance the federal budget through transactions linked to\u00a0Russia\u2019s National Wealth Fund.<\/p>\n

Since last fall, the central bank has conducted gold operations on\u00a0the domestic market that mirror similar transactions by\u00a0the Finance Ministry involving the sovereign wealth fund.<\/p>\n

\u201cWhen oil and gas revenues fall below the level set by\u00a0the budget rule, or\u00a0when fund resources are directed toward domestic investment, the Bank of\u00a0Russia conducts offsetting operations with liquid reserve assets,\u201d Chernov said.<\/p>\n

\"Russian<\/p>\n

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CategoryLatest news<\/a>Russian Central Bank Drains Gold For the First Time Since 2002\u00a0as\u00a0War Deficit Mounts<\/a><\/p>\n

\n Mar 24, 2026 11:11\n <\/p>\n

He\u00a0stressed that the central bank was performing the technical part of\u00a0the mechanism rather than independently deciding to\u00a0finance the deficit by\u00a0selling gold.<\/p>\n

Gold is\u00a0particularly useful for these operations because it\u00a0is\u00a0stored inside Russia, remains accessible to\u00a0the regulator, and has risen significantly in\u00a0value in\u00a0recent years.<\/p>\n

\u201cAt\u00a0the same time, the ability to\u00a0use many foreign-currency assets is\u00a0limited after they were frozen abroad,\u201d Chernov said.<\/p>\n

Earlier, Shares in\u00a0Polyus, Russia\u2019s largest gold producer, plunged<\/a> 26% on\u00a0the Moscow Exchange on\u00a0July 8, erasing about $8.5 billion in\u00a0market value.<\/p>\n

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