🚨 BREAKING: Russia is burning through its last real buffer

Russia has sold 71%+ of the gold inside its National Wealth Fund to pay for the war.

That fund is Russia’s emergency cash reserve.

Before the war: $113B

Today: ~$50B

More than half is gone.

Here’s the bigger problem:

⚠️ Russia’s military budget is now larger than its oil & gas revenue.

For decades, energy paid for everything.

Now war costs more than energy earns.

Oil & gas revenues are collapsing: • -22% YoY in 2025

• -34% in November alone

• Deeper crude discounts

• Sanctions choking logistics & payments

The budget deficit has exploded: Planned: 1.2T rubles

Revised: 5.7T rubles

→ 5x blowout in one year

This is why Russia is selling gold.

At the current burn rate, economists say the liquid NWF runs dry by mid-2026.

That’s the real clock ⏰

When it hits zero, Russia has only 4 options: 1️⃣ Cut war spending

2️⃣ Print money → inflation

3️⃣ Raise taxes → recession

4️⃣ Issue more debt → rising rates

None are painless.

And this isn’t just Russia’s problem.

Because Russia still controls: • 40% of uranium enrichment

• 24% of global wheat exports

• 18% of fertilizers

• 40% of palladium

🚨 The risk isn’t financial contagion.

🔥 The risk is global supply shocks.

Russia may be running out of money.

But it still controls critical commodities.

That’s the danger markets are underpricing.

If you want, I can make:

a shorter viral X thread

a more aggressive crypto/commodities angle

or a neutral institutional-style post

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