DNNPOST 07/02/2026 Russia’s gold holdings in its international reserves have exceeded $400 billion for the first time, driven by rising global prices and Moscow’s continued shift away from Western currencies, according to data cited by Russian business daily Vedomosti.
The value of Russia’s gold reserves reached $403.4 billion at the end of January, accounting for nearly 45 percent of the country’s total foreign exchange and gold reserves, which stood at $892 billion as of Jan. 31, based on Central Bank of Russia figures.
The remaining reserves include foreign currencies, Special Drawing Rights, and assets held with the International Monetary Fund.
Vedomosti reported that the increase was largely due to higher global gold prices, alongside Russia’s strategic focus on hard assets under long-running sanctions. Moscow has steadily raised the share of gold in its reserve portfolio since 2014, when Western sanctions were imposed following the annexation of Crimea.
The shift accelerated after Russia’s full-scale invasion of Ukraine in 2022, when about $300 billion of its overseas reserves were frozen by Western authorities, prompting a move away from dollar- and euro-denominated assets toward gold and other non-Western holdings.
Gold prices rose sharply last year amid geopolitical tensions and strong central bank demand worldwide. Russia is among the world’s largest official gold holders, with more than 2,300 tonnes in physical reserves, most of it stored domestically.
The central bank stopped publishing detailed monthly data on its gold holdings in 2022, citing financial stability concerns.
Analysts said gold is viewed by Moscow as harder to freeze or restrict than assets held in foreign accounts, underscoring a broader push toward financial self-reliance under sanctions pressure.
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