Russia’s Gold Reserves Hit Lowest Level Since 2019 as War Costs Drain State Finances
- Russia is drawing down its gold reserves to cover a widening budget deficit, according to Ukraine’s Foreign Intelligence Service (SZRU) on October 28.
- The growing financial pressure stems from declining oil and gas revenues and rising government spending, including expenditures on the war against Ukraine.
- The agency reported that Russia’s Central Bank reduced its physical holdings of monetary gold for the tenth consecutive month in September 2026.
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- Russia is drawing down its gold reserves to cover a widening budget deficit, according to Ukraine’s Foreign Intelligence Service (SZRU) on October 28.
- The growing financial pressure stems from declining oil and gas revenues and rising government spending, including expenditures on the war against Ukraine.
- The agency reported that Russia’s Central Bank reduced its physical holdings of monetary gold for the tenth consecutive month in September 2026.
Sources: United24media