Russia sells from gold reserves for first time in 25 years to cover budget deficit

But to whom was the gold sold? To investors generally or, say, to Russia's recent patron, China? If the latter, little has changed geopolitically. * * * By Ben Aris BNE IntelliNews, Berlin Wednesday, March 25, 2026 Russia began selling physical gold from its central bank reserves for the first time in 25 years, as the government seeks to plug a widening budget deficit driven by sustained military spending. From 2022 to 2025 sales of gold and foreign currency exceeded RUB15 trillion ($150 billion), with a further RUB3.5 trillion ($35 billion) sold in the first two months of 2026, according to regulatory data. In January alone the Central Bank of Russia sold 300,000 ounces of gold, followed by 200,000 ounces in February. ... Dispatch continues below ...   ... ADVERTISEMENT ... USA Gold: Coins and Bullion Since 1973 USAGold, well known for its internet site, USAGold.com, offers contemporary bullion coins and bullion-related historic gold coins for delivery to private investors in the United States, Europe, Canada, Australia, and New Zealand. It is one of the oldest and most respected names in the gold industry, with thousands of clients and an approach to investment that emphasizes guidance and individual needs over high-pressure sales tactics. The firm's zero-complaint record at the Better Business Bureau makes it an ideal match for the conservative, long-term investor looking for a reliable contact in the gold business. Please call 1-800-869-5115x100 and ask for the trading desk, or visit: http://www.USAGold.com USAGold: Great prices, quick delivery -- all the time. The move marks a significant shift in how Moscow manages its reserves. Previously transactions involving gold were largely conducted on paper, with bullion transferred between the Ministry of Finance and the central bank without leaving vaults. In recent months, however, the central bank has begun selling physical gold bars into the market. As a result, Russia's gold holdings have declined to 74.3 million ounces, their lowest level in four years. The sale of 14 tonnes over January and February represents the largest two-month disposal since the second quarter of 2002, when 58 tonnes were sold in a single tranche. ... The decision to sell gold is also prompted by the dramatic rise in gold's price to over $5,000 per ounce. That has boosted Russia's international reserves to over $809 billion (including the $300 billion of frozen reserves) as of February 28, according to the Central Bank of Russia, purely in terms of revaluation of the physical stock of gold. The gold reserves are now worth $384 billion. Since sanctions were first applied against Russia in 2022, the value of Russia's gross international reserves had risen by around $200 billion, making back two thirds of the money frozen in the West. ... ... For the remainder of the report: https://www.intellinews.com/russia-sells-gold-bars-for-the-first-time-in-25-years-to-fund-budget-deficit-433577/ * * * Support GATA by purchasing Stuart Englert's "Rigged" "Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon: https://www.amazon.com/Rigged-Exposing-Largest-Financial%20-History/dp/1651405204/ref=sr_1_fkmr1_2?keywords=rugged+stuart+englert&qid=1579708888&sr=8-2-fkmr1 * * * Help keep GATA going: GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: http://www.gata.org To contribute to GATA, please visit: http://www.gata.org/node/16 Donations of US$500 or more will entitle the donor to a 1-ounce silver round commemorating GATA's work: https://www.gata.org/sites/default/files/GATA-silver-round-front.png