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.