Russian gold holdings fall 19 tonnes in third quarter amid restrictions on Western markets
Key Facts
Russian gold holdings fell by 19 tonnes in the third quarter of 2026, the largest reported decline among central banks during the period, according to the World Gold Council. This followed the council’s report that Russia had sold 50 tonnes of gold from the start of the year through July 31, bringing its holdings to 2,277 tonnes on that date. In July alone, net sales totaled 6 tonnes, making the Central Bank of Russia the largest net seller among central banks that month. The figures show that Russia sold part of its official holdings, but do not establish the volume of gold exports to Hong Kong or where the gold went after it was sold. Nor do they establish that the central bank’s sale proceeds were used directly to finance government spending.
Russian gold trade faces restrictions on access to Western bullion markets. A Kitco report said the London Bullion Market Association suspended the accreditation of the six Russian refineries listed with it in March 2022. The report said the United States, the United Kingdom and other Western countries later imposed restrictions on Russian gold, effectively closing markets that had been major destinations for its exports. This context places the redirection of flows toward Asia within a broader shift in trade routes, but does not by itself identify the gold’s final buyer or where it was consumed. Nor is the passage of gold through a trading hub enough to establish that China bought it.
Russia’s budget faces pressure from revenues and spending. Interfax quoted the Finance Ministry as saying that higher spending on key priorities coincided with a decline in core oil and gas revenues, requiring a departure from structural budget balance targets. In the background to the fiscal position, the budget deficit in 2025 was about 5.7 trillion rubles, or 2.6% of gross domestic product, its highest level since 2020, according to a Reuters report cited by Investing.com. Reuters also reported that the Finance Ministry postponed achieving a zero primary deficit under the fiscal rule until 2029. These figures do not establish that gold exports, or any shipments specifically to Hong Kong, financed the budget deficit.
In Chinese data released for October, the producer price index for industrial goods rose 5.7% year over year, with the growth rate up 0.7 percentage points from September, and rose 0.7% month over month, according to China’s National Bureau of Statistics. The figures point to an acceleration in producer prices during the month, but do not measure Russian gold imports or establish a link between them and gold flows through Hong Kong. In Russia, the Rosstat schedule lists the release of the preliminary estimate of gross domestic product activity in the third quarter on November 13, 2026. The schedule describes the release as a preliminary estimate for the third quarter, not a report on the annual growth rate. The release is a forthcoming opportunity to track the performance of the Russian economy.