Russian state-linked media has begun acknowledging a harsh financial reality: over the past three years, Russia has liquidated nearly 70% of the gold held in its National Wealth Fund. Back in May 2022, the fund reportedly contained around 555 tons of gold, but by January 1, 2026, that figure had fallen to roughly 160 tons, now held in non-public accounts at the Central Bank. This represents a massive drawdown of what is traditionally considered a country’s last financial safety net.
Today, the National Wealth Fund’s remaining liquid assets — mainly yuan and gold — total about 4.1 trillion rubles. Analysts warn that if oil prices and the ruble remain under pressure, Russia could be forced to spend up to 60% of what’s left in 2026 alone, potentially draining another 2.5 trillion rubles. If that scenario plays out, reserves could reach critically low levels far sooner than many expect.
This isn’t just accounting noise. A shrinking sovereign fund limits Russia’s ability to support its economy, finance long-term infrastructure, cover social obligations, and sustain elevated government spending. The key question now isn’t if pressure will increase—but how long the current spending pace can continue before the buffer runs out. Markets should be watching this closely. ⚠️
📌 Educational discussion only. Not financial advice