According to Russian media pointed to cited data from the Russian Central Bank, said that the country’s gold reserves have nearly halved (46.4%).
Since the start of the conflict, Russians have increasingly turned to gold—which now costs 93,000 dollars per kilogram bar—as a financial safeguard while the economic situation continues to deteriorate.
Russia’s economy is suffering since the below up of Ukraine war
The Russian Central Bank reported that the country’s gold reserves fell by 23.6% in monetary terms last year, while the physical gold stockpile dropped by 46.4%—the steepest decline since 2020.
Russia has been hit by Western sanctions since 2022, cutting off significant revenue streams, particularly due to the price cap on Russian oil exports.
