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Russia Sells Gold Amid $48 Billion Budget Deficit

11/28/2025

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Summary

Story summary

Russia's central bank began selling gold for the first time as the budget deficit widened in 2025.
The deficit reached 4.2 trillion rubles ($48 billion) in 2025, up from 0.2 trillion last year.
The National Wealth Fund's gold holdings have dropped 57% since February 2022.
Analysts estimate gold sales could total about $30 billion in 2025 to stabilize the ruble and support the budget, though this risks depleting reserves.

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Story summary

Russia's central bank began selling gold for the first time as the budget deficit widened in 2025.
The deficit reached 4.2 trillion rubles ($48 billion) in 2025, up from 0.2 trillion last year.
The National Wealth Fund's gold holdings have dropped 57% since February 2022.
Analysts estimate gold sales could total about $30 billion in 2025 to stabilize the ruble and support the budget, though this risks depleting reserves.