The Russian central bank sold 300,000 ounces of gold reserves in January, valued at $1.4 billion.

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As gold prices fluctuate at high levels, the Russian central bank has chosen to "secure its profits," selling gold reserves to fill its fiscal gap.

According to data released by the Russian central bank this Friday, the country’s gold holdings decreased by 300,000 ounces in January, dropping to 74.5 million ounces. This is the first decrease in Russia’s gold reserves since October last year.

The timing of this sale is extremely precise. In January, global gold prices frequently broke historical records, with the average price reaching $4,700 per ounce.

If calculated according to the average market price, the Russian central bank’s sale of 300,000 ounces of gold is expected to bring about $1.4 billion (approximately 10 billion yuan) in revenue to the national budget.

"Mirror Operations" Under Fiscal Pressure

This sale was not accidental, but a predetermined strategy by the Russian Ministry of Finance to cope with budgetary pressure.

As early as last November, Xinhua News Agency reported that the Russian central bank confirmed to Russia’s Interfax News Agency that it had started selling its physical gold reserves to make up for funds needed by the national budget.

Bloomberg’s latest report notes: “The Russian central bank began using its gold reserves last year as part of so-called ‘mirror operations’ related to the Ministry of Finance’s sale of assets from the National Wellbeing Fund.”

In the first two months of 2025, the Russian Ministry of Finance has already spent 419 billion rubles (about $5.5 billion) from the National Wellbeing Fund. In the face of an expanding budget deficit and decreasing oil and gas revenues, the sale of gold and foreign currencies has become a necessary means to balance the accounts.

Reserve Value Rising Rather Than Falling

A notable market phenomenon is that, despite Russia selling physical gold, its book wealth is actually increasing.

Data shows: “Despite the sell-off, driven by price increases, the value of Russia’s gold reserves surged by 23% in January, reaching $402.7 billion.”

Since the Russia-Ukraine conflict broke out in 2022, the continued rise in gold prices has brought Russia a windfall. The scale of this increase is now comparable to the value of Russia’s frozen foreign exchange assets in Europe.

As market analysis points out, gold is effectively replacing Russia’s lost liquid assets and has become a crucial pillar of its fiscal resilience.

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