Russia Has Once Again Set A World Record For Selling Gold From Its Reserves

• 4.11.2026, 15:55

The Kremlin's foreign exchange reserves are dwindling.

The sale of gold from its reserves—which the Bank of Russia launched in 2026 to cover the shortfall in the Kremlin’s record-breaking military budget—has made it the world’s top gold reserve reducer among all central banks for the second consecutive quarter, writes The Moscow Times.

Overall, central banks worldwide purchased 321.2 metric tons of gold in the third quarter—42% more than during the same period a year earlier. The Russian Central Bank turned out to be one of the few exceptions: it sold 18.66 metric tons of gold bars from its foreign exchange reserves, far outpacing other sellers, according to data from the World Gold Council.

The Central Bank of Kyrgyzstan (0.95 metric tons) also sold gold, as did the central banks of Germany, Singapore, and Mexico—0.19 metric tons, 0.08 metric tons, and 0.02 metric tons, respectively.

The People’s Bank of China was the largest buyer of gold, increasing its gold reserves by 63.14 metric tons. The central banks of Poland, Uzbekistan, and Kazakhstan also made significant purchases—40.45 metric tons, 14.45 metric tons, and 13.52 metric tons, respectively, according to WGC statistics.