Russia Sells Off Gold

To fund Ukraine War; Russia’s central bank has been selling off the country’s gold reserves for six months in a row, allowing Russian President Vladimir Putin to keep financing the war against Ukraine, according to The Moscow Times. The Bank of Russia has already sold a record 44 metric tons of gold in an effort to plug a widening hole in the federal budget. Since the beginning of 2026, the budget deficit has increased to nearly 6 trillion rubles. In June alone, Russia’s gold reserves shrank by 9.33 metric tons. Overall, the country has lost 43.5 metric tons of gold since the start of 2026. Russia’s central bank has been selling off the country’s gold reserves for six months in a row, allowing Russian President Vladimir Putin to keep financing the war against Ukraine, according to The Moscow Times. https://newsukraine.rbc.ua/news/russia-sells-off-gold-at-record-pace-to-keep-1784640361.html