Russia's Central Bank Sold 44 Tonnes of Gold in H1 2026, Total Reserves Fall to $299 Billion

According to Kitco News, Russia's central bank sold 44 tonnes of gold in the first half of 2026, with sovereign gold reserves declining to 2,282 tonnes valued at $299 billion as of early July. The Central Bank of Russia (CBR) announced that reserves fell by 1.4 million troy ounces since the start of the year, marking the sixth consecutive month of decline and the sharpest drop in a quarter century.

Analysts attribute the sales to Russia's budget deficit of 4.6 trillion rubles and efforts to build foreign currency reserves amid weak export earnings. According to Freedom Finance Global analyst Natalia Milchakova, the gold was exchanged for yuan to support the domestic currency amid economic pressures from the Ukraine war. Domestic gold trading volumes on the Moscow Exchange surged over 350% compared to the prior year.