đ Russiaâs Rainy Day Fund Runs Dry: 71% of Gold Reserves Sold Since 2022
While the crypto market eyes new milestones, a massive liquidity crunch is unfolding in Russiaâs sovereign wealth fund (NWF). Recent Ministry of Finance data reveals that the government has liquidated nearly three-quarters of its gold holdings in the National Wealth Fund to plug budget holes.
The Hard Numbers:
May 2022: 554.9 tons of gold.January 2026: Only 160.2 tons remaining.The Result: A staggering 71% drop in physical gold reserves in less than four years.
Whatâs Draining the "War Chest"?
The fundâs liquid assets (gold + Chinese Yuan) are evaporating. Since the start of the conflict, total reserves have plummeted from $113.5 billion to approximately $46.6 billion â a nearly 60% decline in USD terms.
The "Trump Factor" & Oil Collapse đ˘ď¸
New sanctions from the Trump administration have sent Russian oil prices sliding to $39 per barrel, far below the budgeted $59. This has triggered an emergency sell-off: the government is now withdrawing gold and currency at a record pace of $145.5 million per day.
The Outlook for 2026:
Analyst forecasts from VTB and Gazprombank paint a grim picture:
Depletion: If oil prices remain low, the NWF could lose another 60% of its remaining value by year-end.Deficit: The 2026 budget deficit is projected to hit $56â$62 billion.Tax Hikes: With reserves dwindling, a further tax burden on businesses and citizens seems inevitable.
The Crypto Takeaway:
When traditional fiat reserves and "paper gold" are burned to sustain geopolitical ambitions, the narrative for decentralized, borderless assets grows stronger. As sovereign buffers vanish, "Digital Gold" (BTC) remains one of the few hedges against systemic macro collapse.
#MacroEconomics #Russia #Gold #NWF #Oil
