Russia cuts gold reserves by 62 tons from December 2025

The Bank of Russia for nine months reduced gold reserves by about 62 tons. Polish newspaper Money.pl compared the scale of sales to the financial crisis of 1998, when the regulator sold 118 tons in three months.

In September, stocks decreased by another 6.2 tons and amounted to 72.8 million troy ounces. The decline continued for the ninth consecutive month, reports RIA Novosti with reference to the materials of the Central Bank.

Russia has been increasing its gold reserves for years. By early 2022, it had reached about 2,300 tons, securing the country fifth in the world.

Money.pl links sales to the need to finance the budget deficit. The publication estimates its size at about 7 trillion rubles, or 330 billion zlotys.

Polish journalists call China the main buyer of Russian gold. According to them, Russian exporters send the metal mainly there after the closure of access to the London market. The publication does not confirm that China is buying gold from the reserves of the Central Bank.

In the comments to the article, some readers questioned the importance of the volume sold. They pointed out that Russia annually produces more than 300 tons of gold and has large deposits.

Other participants drew attention to the comparability of the budget deficits of the two countries in absolute amounts. One reader gave an estimate of the Polish deficit for 2027 over 280 billion zlotys.

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