Russian state media is quietly admitting what many feared — Russia’s financial buffer is being drained fast.
Over the last 3 years, Russia has sold off nearly 71% of the gold held in its National Wealth Fund.
📉 In May 2022, the fund held 554.9 tons of gold
📉 As of Jan 1, 2026, that figure has collapsed to just 160.2 tons
Even more concerning? What remains is parked in anonymous Central Bank accounts, raising serious transparency questions.
💸 Current reality check:
Total liquid reserves (gold + yuan): 4.1 trillion rubles
Analysts warn: if oil prices and the ruble stay flat, another 60% of the fund could be withdrawn THIS YEAR
That’s roughly 2.5 trillion rubles potentially gone
⚠️ This isn’t just a balance-sheet update — it’s a warning sign.
A shrinking National Wealth Fund means:
Less room to fund infrastructure
Pressure on social spending
Reduced flexibility for prolonged military or geopolitical operations
🔥 The big question:
How long can Moscow keep spending at this pace before the safety net fully unravels?
Markets are watching. And history shows — reserves don’t vanish quietly.
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