In a startling revelation, Russian media is finally sharing some harsh truths about the nation’s finances. Over the past three years, President Putin has sold off nearly 71% of Russia’s gold reserves in the National Wealth Fund (NWF).
Back in May 2022, the NWF held 554.9 tons of gold, but as of January 1, 2026, this figure has plummeted to just 160.2 tons, stored in anonymous accounts at the Central Bank. This dramatic reduction signals a significant shift in Russia’s financial strategy and raises concerns about the country’s fiscal stability.
The National Wealth Fund’s total liquid assets, which include both gold and yuan holdings, currently stand at 4.1 trillion rubles. Analysts warn that if oil prices and the ruble remain stagnant, Russia may withdraw another 60% of the remaining fund this year—approximately 2.5 trillion rubles—leaving reserves dangerously thin.
This isn’t just a statistic. The rapid depletion of the NWF has far-reaching consequences. With shrinking reserves, Russia’s ability to fund infrastructure projects, social programs, and even military operations could be severely weakened. Economists and market watchers are closely monitoring the situation, asking the critical question: how long can Moscow sustain its spending before its financial safety net runs out?
The shrinking gold reserves also reflect broader geopolitical and economic challenges. As Russia grapples with international sanctions, fluctuating oil prices, and currency pressures, the management of the National Wealth Fund becomes even more crucial. The coming months could define the resilience of Russia’s economy and its strategic ability to maintain domestic and international obligations.
⚠️ Key Takeaways:
71% of Russia’s gold in the NWF has been sold over 3 years.
Gold holdings fell from 554.9 tons (May 2022) to 160.2 tons (Jan 2026).
Total liquid assets: 4.1 trillion rubles.
Possible withdrawal of 2.5 trillion rubles could strain financial reserves.
Potential impact: infrastructure, social programs, military operations.
This financial revelation serves as a warning signal for both citizens and global investors: Russia’s gold and liquid reserves are rapidly depleting, and the consequences could ripple through its economy and beyond.
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