Buckets and bullion: Behind the glitter of Russia’s gold reserves

January 22, 2026

TL;DR

Russia's official gold reserves, defined as monetary gold by the IMF, have seen a dramatic increase in value due to rising gold prices.
The CBR reported holding 74.8 million ounces of gold (roughly 2,300 tonnes) as of January 1, 2024.
Gold prices have soared by nearly 70% in 2025 alone, contributing to the immense gain in the value of Russia's reserves.
Following Western sanctions in 2014, Russia boosted its gold holdings and reduced dollar assets, with gold now representing 43% of its reserves.
The Russian state also holds gold in its National Wealth Fund (NWF) and Gosfund, which are not considered official reserves but contribute to the country's overall gold buffer.
NWF gold is used for budget stabilization, and its holdings have decreased, but the rise in gold prices has offset this depletion in monetary terms.
Gosfund, the 'gold shadow reserve,' is opaque but believed to be sizable, potentially making Russia's actual gold buffer larger than reported.
Russia is the world's second-largest gold producer.
Global gold reserve reporting is often opaque, with central banks concealing the true extent of their buying to avoid indicating diminished confidence in the dollar.
Recent sales of gold from CBR reserves are internal sterilization operations, mirroring NWF transactions and not representing a significant erosion of holdings.
The increased value of Russia's gold has largely compensated for frozen assets, though sanctions make these holdings relatively illiquid.

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