Markets
A country that bought gold for years to protect itself from sanctions is now spending it.
From buyer to seller
From 2014 the Bank of Russia added about 1,244 tonnes of gold over six years, according to Money Metals Exchange. Before the invasion of Ukraine, Russia moved its National Wealth Fund into yuan and gold, a step a RAND Corporation study read as preparation for Western economic pressure. In 2026 the flow reversed: about 44 tonnes went in the first half, nearly 10 tonnes of it in June. By comparison, the central bank sold 7.6 tonnes between July 2020 and April 2021, The Moscow Times reported.
Why Russia is selling
Reports link the sales to a budget squeezed by the war with Ukraine, sanctions and weaker oil and gas revenue. Vladimir Chernov of Freedom Global told Money Metals Exchange that the Bank of Russia carries out offsetting sales under the country's fiscal rule when oil and gas income falls short, describing it as a mechanism rather than a decision to cover the deficit with gold. Gold is held inside Russia, can still be used under sanctions and has risen in value, which is why it is being drawn on.
Gold bought as a shield against sanctions is now paying for a war.
The other side of the market
While Russia sells, other central banks are buying: the World Gold Council estimates official buyers added 321 tonnes in the third quarter of 2026 alone, led by China and Poland among those who report. Russian selling is mostly into its own domestic market, so it has done little to move the world price.
Gold at home
For a family in Britain, the lesson of reserve managers is a simple one: gold keeps its usefulness when other assets are frozen or fall. If you are thinking of selling gold jewellery or coins, choose a buyer who inspects each piece. Send us photographs for a free valuation.
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