The physical volume of monetary gold in Russia's international reserves fell to 72.8 million troy ounces at the end of September 2026, the lowest level since late 2019, according to data published by the Bank of Russia on October 20.
Gold holdings declined by approximately 200,000 troy ounces, or about six metric tons, during September. That represented a decrease of roughly 0.3%.
According to the central bank's statistics, Russia held approximately 2,264 metric tons of monetary gold as of October 1. Its value within international reserves was estimated at $301.6 billion.
Since the beginning of 2026, the physical volume of gold reserves has fallen by two million troy ounces, equivalent to approximately 62 metric tons. Holdings have declined every month this year.
The physical quantity of gold and its monetary value are different measures. The value of the reserves depends not only on how much metal is held but also on changes in global gold prices.
The Bank of Russia conducts gold transactions on the domestic market, including under arrangements related to management of the National Wealth Fund and Russia's fiscal rule.
Russia substantially expanded its gold reserves in previous years, with particularly large purchases between 2014 and 2019. In spring 2020, the central bank announced that it was ending its regular gold purchases.
The reduction in holdings comes amid significant pressure on the Russian state budget, including spending on the war against Ukraine.
However, statistics showing a decline in gold reserves do not, on their own, establish which specific government expenditures were financed by proceeds from gold transactions.