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Russia's central bank says its operations with gold are increasing
By Elena Fabrichnaya and Gleb Bryanski
Reuters
Wednesday, November 19, 2025
MOSCOW -- The Russian central bank said on Wednesday that its sales and purchases of gold in the domestic market for the budget reserve, the National Wealth Fund, have been increasing in recent years due to the enhanced liquidity of gold, opens new tab.
The central bank's assets in U.S. dollars, euros, and other major Western currencies have been frozen as part of Western sanctions imposed on Russia over its military actions in Ukraine.
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In 2023 Russia excluded the U.S. dollar, euro, and other Western currencies from the currency structure of its fiscal reserves, which are now held in China's yuan and gold, with target shares of 60% and 40%, respectively.
"Yuan and gold are liquid assets of the NWF. The purchase or sale of liquid currency assets of the NWF for roubles entails the central bank conducting equivalent volume operations in the domestic market," the central bank stated.
Due to the rally in global gold prices, the turnover of gold in the domestic market has grown, enabling the central bank to intensify its transactions in gold. The bank did not specify when it had increased the transaction volume. ...
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