Russia sells nearly 22 tonnes of gold in 2026 as ruble weakens and budget gap widens

Russia has sold almost 22 tonnes of gold so far in 2026 as the ruble has weakened and the country's fiscal position has deteriorated. The Bank of Russia has sold 21.8 tonnes since the start of 2026 to help fund the budget deficit, which Russian and Ukrainian reports said had expanded to $61.2 billion by the end of March. Natalia Milchakova, lead analyst at Freedom Finance Global, told Reuters that gold sales could continue as government spending accelerates well above budget targets. She added that drawing on gold reserves to finance a deficit aligns with actions taken by other central banks, particularly in developing economies. Full article at Kitco: