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

The Bank of Russia has sold 21.8 tonnes of gold since the start of 2026 to help fund the country's budget gap, Russian and Ukrainian reports said. The deficit reached $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 rises sharply above budget targets. She added that tapping gold reserves is in line with actions taken by other central banks, particularly in developing economies.