The war and pressure on public finances are forcing Russia to sell more and more of its gold reserves. In the third quarter of 2026, the Central Bank of Russia sold 18.66 tons of gold, the largest amount recorded by a central bank in the world during this period, according to the World Gold Council.

Russia has been selling gold for ten consecutive months. The Central Bank is following the same line with the Ministry of Finance, which is using funds from the National Wealth Fund to cover the budget deficit. Between December 2025 and September 2026, the country's gold reserves decreased by about 62 tons.

Meanwhile, China has become the main buyer of Russian gold. In the period January-July alone, about 100 tons of Russian gold passed through Hong Kong, three times more than in the same period last year.

According to estimates by the Financial Times, around $35 billion worth of Russian gold has been transported through Hong Kong since the start of the full-scale invasion of Ukraine. The increasing sales show the pressure the war is putting on Moscow's financial reserves.