Putin’s war chest begins to empty as Russia burns through gold reserves at fastest pace in decades

WRITTEN BY THEA COATES FINANCE REPORTER 21^ST JUL 26 3:30 PM

For years, the Kremlin presented Russia’s vast gold reserves as an insurance policy against Western sanctions, financial shocks and geopolitical crises. Today, that reserve is increasingly becoming a source of wartime funding.

After more than three years of conflict in Ukraine, Moscow is now liquidating gold at the fastest pace seen in at least a quarter of a century, according to figures reported by The Moscow Times, highlighting the growing financial burden of sustaining President Vladimir Putin’s military campaign.

The Bank of Russia has sold approximately 44 metric tonnes of gold since the beginning of 2026, raising an estimated $5.6 billion as the federal budget deficit widens towards 6 trillion rubles.

https://londonlovesbusiness.com/putin-russia-gold-reserves-ukraine-war-budget-crisis/

27 minutes ago, 3NUMBAS said:

Putin’s war chest begins to empty as Russia burns through gold reserves at fastest pace in decades

WRITTEN BY THEA COATES FINANCE REPORTER 21^ST JUL 26 3:30 PM

For years, the Kremlin presented Russia’s vast gold reserves as an insurance policy against Western sanctions, financial shocks and geopolitical crises. Today, that reserve is increasingly becoming a source of wartime funding.

After more than three years of conflict in Ukraine, Moscow is now liquidating gold at the fastest pace seen in at least a quarter of a century, according to figures reported by The Moscow Times, highlighting the growing financial burden of sustaining President Vladimir Putin’s military campaign.

The Bank of Russia has sold approximately 44 metric tonnes of gold since the beginning of 2026, raising an estimated $5.6 billion as the federal budget deficit widens towards 6 trillion rubles.

27 minutes ago, 3NUMBAS said:

https://londonlovesbusiness.com/putin-russia-gold-reserves-ukraine-war-budget-crisis/

Unfortunately, a chronological overview shows it's not as bad as it seems (yet?).

The graph also shows that Putin took time to increase gold reserves before invading Ukraine.

https://tradingeconomics.com/russia/gold-reserves