Foreign Intelligence Service: Russia's foreign exchange reserves are rapidly falling
Throughout 2024, the gold holdings of Russia's National Wealth Fund (NWF) dropped from 359 tons to 187.7 tons (a 48% decrease year-on-year). This was reported by the Ukrainian Foreign Intelligence Service.
The reason for this decline is the sale of gold by Russia's Ministry of Finance to cover the federal budget deficit. In January 2025, 8.7 tons of gold were sold, and as of February 1, 2025, the reserves stood at only 179 tons.
The significant reduction in gold holdings in the NWF indicates a lack of funds in the federal budget amid the Russia-Ukraine war and Western sanctions.
In the short term, the Russian government will be forced to limit gold sales and explore other budget-filling instruments, including fiscal measures. Ordinary Russians will again bear the cost of continuing the war against Ukraine.
Source: https://odessa-journal.com