For the third year in a row, the Russian Government continues to sell gold from the National Welfare Fund (NWF) to cover the federal budget deficit, to finance state banks, and to support national mega-projects.
According to data published by the Ministry of Finance, between 2022 and 2025, the amount of gold in the NWF’s balance sheet has decreased by 71%. On January 1, 2026, the fund only held 160.2 tons of gold in non-personalized accounts at the Central Bank, compared to 554.9 tons in May 2022.
In 2023, the fund’s gold reserves decreased by 196 tons (approximately 35%), and in 2024 — by another 171 tons, almost halving. In 2025, the decline continued with another 19 tons.
Details, HERE