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Russia Starts Selling Off Its Gold Reserves to Fund the War Budget, Breaking a Long-Held Taboo
(united24media.com)
this post was submitted on 20 Nov 2025
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“The National Wealth Fund held 405.7 metric tons of gold before the full-scale invasion of Ukraine. Since then, the Finance Ministry has liquidated around 57% of that stash—about 232.6 tons—to shore up the budget.
As of November 1, 2025, the fund’s gold holdings have fallen to 173.1 tons. Combined liquid assets, including yuan holdings, have dropped from $113.5 billion before the war to just $51.6 billion today. As a share of Russia’s GDP, unspent reserves have shrunk fourfold.”
Hell ya.
Wow, that is a massive amount to burn through.
It is until you realize how expensive this war is. The damage a drone does to an oil refinery probably costs a few millions to repair and even more in lost profits, if it actually stops production. Tanks cost a million a piece easily. Air defense, planes and so forth easily cost more. Even something like a Shahed is $200k per shot.
Corruption is actually a feature in this case. Most of that cash is actually pumped directly into local economies. /s
Lol!