Russia’s Rainy Day Fund Dwindles as Gold Reserves Plunge 71%
MOSCOW — Russia’s financial safety net is under severe strain as new data reveals a massive liquidation of gold from the National Wealth Fund (NWF). Over the last three years, the Kremlin has sold off nearly 71% of the fund’s gold reserves to cover budget deficits and sustain state spending.
The Shrinking Safety Net
According to Ministry of Finance data, the NWF’s gold holdings have plummeted from 554.9 tons in May 2022 to just 160.2 tons as of early 2026. This aggressive sell-off highlights Moscow’s increasing reliance on precious metals to offset falling oil and gas revenues.
Here's an image depicting the massive scale of gold reserves being depleted from a national vault.
Current Liquid Assets: Approximately 4.1 trillion rubles (consisting primarily of Chinese yuan and gold).
Burn Rate: From January 16 to February 5, 2026, the government began selling assets at a record pace of 12.8 billion rubles per day.
Future Outlook: Analysts at VTB Bank warn that if current market conditions persist, Russia could drain another 60% (2.5 trillion rubles) of its remaining liquid reserves by the end of the year.
This image shows Russian rubles and Chinese yuan diminishing rapidly, representing the "burn rate" of Russia's liquid assets.$ACU $ENSO $KAIA #GoldenOpportunity #GOLD_UPDATE #USIranMarketImpact
