Russia's gold production may have reached as much as 485 metric tons in 2025 and could rise to 500 tons this year, according to figures disclosed by Natural Resources Minister Alexander Kozlov, estimates that have surprised industry analysts and mining executives who say they are difficult to reconcile with available data.
Russia stopped publishing detailed gold production statistics after the start of the war in Ukraine and the subsequent ban on Russian gold by Western countries and major bullion exchanges.
In an interview with the state-run TASS news agency ahead of the St. Petersburg International Economic Forum, Kozlov said final figures for 2025 were still being calculated but that expert estimates placed gold production at 480-485 tons. He said output could rise further to 480-500 tons in 2026.
The figures would represent a dramatic increase from publicly available estimates and, if accurate, would further strengthen Russia's position as one of the world's largest gold producers.
The comments have drawn skepticism from industry participants because no major new mines have entered production in recent years that would explain such a rapid increase in output.
