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Russia’s central bank is selling gold: what do shrinking reserves show?
Information as of 21 October 2026. The latest volume figures cover end-September and were reported by Interfax on 20 October. Tonne conversions are approximate because ounce figures are rounded.
Russia is gradually reducing its gold reserves. Holdings declined by about 6.2 tonnes in September and 62 tonnes since the start of 2026. The operations are linked to the fiscal framework, but their scale needs careful interpretation.
How much gold has left the reserves?
Bank of Russia figures reported by Interfax put monetary gold holdings at 72.8 million troy ounces on 1 October, versus 73.0 million a month earlier and 74.8 million at the start of the year. That represents a decline of approximately 0.3% in September and 2.7% year to date, leaving around 2,264 tonnes. This is a net change in holdings, not a complete record of sales transactions. Source: Interfax, 20 October 2026.
Why is the bank selling?
On 11 September, Governor Elvira Nabiullina explained that the reduction mainly reflected Finance Ministry operations involving the National Wealth Fund (NWF) under the fiscal rule. She also mentioned gold used to produce coins. The bank does not disclose further details. This explains the mechanism rather than accounting for every September transaction. Source: Bank of Russia, 11 September 2026 press conference, Pro.finansy question.
The NWF gold balance should not be added to the announced reserves as a separate additional stock: the monetary gold methodology includes holdings of both the central bank and the government. Source: Bank of Russia methodology.
A valuation decline is not the same as sales
The value fell by USD 31.877 billion, or about 9.6%, while the number of ounces declined by roughly 0.3%. The difference primarily reflects price revaluation of the remaining gold. USD 31.877 billion is neither sales proceeds nor a measure of bullion sold. Reserves are valued using current prices and exchange rates. Sources: Bank of Russia monthly table and valuation methodology.
What it means for investors
Russian selling does not mean that all central banks are retreating from gold. The World Gold Council reported 39 tonnes of net purchases in August despite Russian sales of around 6 tonnes. These are August figures, not the sector’s September total. Source: World Gold Council, 6 October 2026.
WMA assessment: using accumulated assets can provide liquidity for fiscal needs while gradually reducing a financial buffer. Reserve data alone cannot identify all buyers, delivery destinations or the full use of proceeds. Gold prices depend more broadly on aggregate supply and demand, real interest rates and the dollar. Russian selling alone does not determine the direction of global prices.
Posts reflect the author’s personal views as of publication. They are not investment recommendations.