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Story summary
- On November 20, 2025, the Central Bank of Russia began selling physical gold to fund the state budget.
- The move shifts from virtual to physical gold transactions.
- Russia holds over 2,300 tons of gold, the fifth-largest reserve globally.
- The National Wealth Fund's gold holdings have fallen 57 percent since the Ukraine invasion, to 173.1 tons as of November 1.
- Economists say the sales could support the ruble and diversify reserves.
