Russia Makes Largest Gold Sell-Off Since 1998 Default to Fund Putin’s War Budget
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8 Articles
<p>Russia is selling gold reserves at a record pace since 1998 to cover the budget deficit The Central Bank of Russia sold about 62 tons of gold in 10 months. The budget deficit in 2026 could grow to 7.3 trillion rubles.</p>
Russia Makes Largest Gold Sell-Off Since 1998 Default to Fund Putin’s War Budget
The Central Bank of Russia has been unloading gold from its state reserves for ten straight months to plug a budget shortfall expected to reach 7.3 trillion rubles ($81.1 billion) this year, double initial projections, The Moscow Times reported on October 20.
Putin is trying to fill the military budget.
Russia's central bank sold gold from its reserves for the tenth consecutive month to cover the budget deficit, which was twice as high as the initial forecasts. Russia's gold reserve fell by about 6.2 tons.
In September, the Russian Bank reduced the amount of gold in reserves by an additional 0.2 million ounces (about 6 tons, the format of the data of the Russian CB does not allow an accurate estimate).
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