The "harsh truths" are finally surfacing in Russian media, and the numbers are staggering. Over the last three years, Vladimir Putin has liquidated nearly 71% of the gold held in Russia’s National Wealth Fund (NWF) to keep the economy afloat and fund the ongoing war effort.
The Great Gold Drain 📉
The depletion of Russia's strategic "rainy day" fund has accelerated at a record pace. Look at the breakdown of the NWF's gold holdings:
May 2022: 554.9 tons 🥇
January 1, 2026: 160.2 tons 📉
Total Loss: ~395 tons (71% reduction)
These reserves are now reportedly being held in anonymous accounts at the Central Bank, away from traditional public scrutiny.
Dangerous Financial "Thin Ice" ⚠️
As of early 2026, the fund’s total liquid assets (including gold and Chinese yuan) have plummeted to just 4.1 trillion rubles ($52.6 billion).
Analysts warn that the situation is critical. If oil prices remain low and the ruble continues to struggle, Russia is projected to withdraw another 2.5 trillion rubles (60% of what’s left) within this year alone.
Why This Matters for the Markets 🌐
This isn't just a Russian domestic issue; it's a massive shift in global liquidity.
Infrastructure & Social Programs: Funding for internal development is being cannibalized to cover the budget deficit.
Military Sustainability: The "cash cushion" that allowed Moscow to ignore sanctions is almost gone.
Asset Liquidation: To stabilize the ruble, the Central Bank is now selling physical gold on the domestic market at a record pace of 12.8 billion rubles per day.
The Bottom Line: Russia’s financial fortress is looking more like a sandcastle. With liquid reserves at their lowest levels since 2019, the question isn't if the money runs out, but when.
📊 News Type: Macroeconomic / Geopolitical Alert
What do you think? Can Russia sustain its current spending by pivoting to the yuan, or is a total fiscal collapse inevitable by 2027? Let’s discuss in the comments! 👇
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