Russia has benefited from rising gold prices since the war in Ukraine began, offsetting the impact of €210 billion ($244 billion) in frozen sovereign assets held in Europe. The value of Russia’s gold reserves at the Bank of Russia has increased by over $216 billion since February 2022, despite restrictions on purchasing or using these reserves and exclusion from Western bullion markets.
Gold now accounts for 43% of Russia’s international reserves, up from 21% before the war. While blocked securities and currency assets cannot be accessed, gold can still be monetized, although selling it outside Asia is challenging due to market bans. Strong central bank demand, inflation concerns, and increasing geopolitical risk have driven up gold prices globally; in 2025, gold posted a 65% gain, its best annual performance since 1979.
Russia’s total reserves reached $755 billion at the end of last year, with $326.5 billion in gold. The Finance Ministry forecasts continued growth in gold prices above $5,000 per ounce. The Bank of Russia only recently started selling some gold, mainly to cover budget deficits, but gold reserves more than doubled from February 2022 through December 2025 as foreign assets declined.
Talks continue over the fate of Russia’s immobilized overseas assets amid ongoing negotiations for peace in Ukraine. The EU’s efforts to use frozen Russian funds to support Ukraine have stalled, and Russia’s central bank is pursuing legal action to recover its assets.