Russia has begun selling its gold reserves for the first time.

The Central Bank of the Russian Federation has begun selling physical gold from reserves to support the budget.

The Bank of Russia has initiated the actual sale of physical gold from reserves intended to finance the state budget, as reported by the regulator’s press service. This innovation marks a shift towards physical rather than virtual sales, which are conducted between the Ministry of Finance and the Central Bank, leaving the gold reserve unchanged in the reserves.

Previously, the gold of the National Wealth Fund (NWF) was transferred ‘from pocket to pocket’ without actual market movement. At the start of the military conflict, the NWF held 405.7 tonnes of gold, of which 57% (or 232.6 tonnes) had already been sold to cover the budget deficit. As of November 1, 2025, the fund had 173.1 tonnes of gold remaining. The total value of liquid assets in the NWF, which include Chinese yuan, decreased by 55% to $51.6 billion.

Experts note that such operations allow for the management of the ruble’s exchange rate and reduce the load on the yuan market, supporting the diversification of reserves. The volume of mirror operations, previously popular with the Chinese yuan, is expected to reach $30 billion this year and approximately $15 billion next year.

Analysts see this step as an attempt to ensure control over the currency market, which is critical in light of reduced social programs and increasing military spending due to military actions in Ukraine.