economy
January 22, 2026
Russian gold gains offset frozen asset value
Soaring gold prices have generated over $216 billion in windfall gains for Russia’s central bank since early 2022, Bloomberg has said
TL;DR
- Russia's gold holdings have gained over $216 billion since February 2022 due to soaring prices.
- Western countries froze about $300 billion in Russian central bank assets as part of sanctions.
- The increase in gold value restores financial capacity, as gold can be sold or used as collateral unlike frozen securities and cash.
- Gold now comprises 43% of Russia's total reserves, up from 21% before the Ukraine conflict.
- Gold prices have surged due to robust demand from central banks, inflation concerns, and geopolitical tensions.
- Precious metal futures reached a record high, surpassing $4,720 per ounce.
- The Russian Finance Ministry anticipates continued gold price increases.
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