11:42 - 21.08.2026

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August 21, Fineko/abc.az. Russia's gold reserves have declined by approximately 1.6 million ounces since the beginning of the year, dropping to 73.2 million ounces as of July 31.

This marks the country's lowest gold reserve level since January 2020. According to data released by the Central Bank of Russia, reserves fell from approximately 74.8 million ounces at the start of the year to 73.2 million ounces by the end of July.

Overall, Russia's gold holdings decreased by about 2.1% in the first seven months of the year.

According to the Ministry of Finance of the Russian Federation, the federal budget deficit in January–July increased by 32.3% year-on-year to 6.5 trillion rubles (approximately $79 billion).

Government spending has risen significantly in recent years, driven primarily by defense-related expenditures. Analysts suggest that proceeds from gold sales may be used to finance the budget deficit.