Russia’s gold and foreign exchange reserves have reached a record high of $769.1 billion, largely due to a rise in gold prices, which make up about 43% of these reserves.
The country has been slowly shifting its reserves away from the U. S. dollar into euros, gold, and China’s yuan prior to its invasion of Ukraine. Following the freezing of around $300 billion of reserves in the West, the remaining assets have mainly been in gold and yuan.
Recently, Russian reserves increased by 2.2% or $16.6 billion due to asset revaluation, as gold prices have risen more than 12% this year. Goldman Sachs has raised its gold price forecast to $5,400 per ounce. However, the physical amount of gold held by the central bank slightly decreased to 74.8 million ounces in 2025.
With information from Reuters