Russia’s central bank has offloaded roughly 900,000 ounces of gold since the start of 2026, pulling in an estimated $4.3 billion in the process.
As of May 1, 2026, the Bank of Russia’s total gold holdings have dropped to 73.9 million ounces. That’s the lowest level recorded since February 2022, the month Russian tanks rolled into Ukraine and the West responded with a wall of sanctions.
Four straight months of decline
Physical gold sales on behalf of Russia’s National Wealth Fund (NWF) began in November 2025, and the pace has only accelerated since. April 2026 alone saw a reduction of 200,000 ounces, the steepest single-month drop in over two decades.
Gold averaged approximately $4,800 per ounce during the January-to-April window. April marked the fourth consecutive month of declining reserves.
