Gold Exports to China Skyrocket
Russia dramatically increased its gold exports to China in 2025 as part of a strategy to secure liquid assets. Shipments to China for the year totaled 25.3 tons of gold, valued at $3.29 billion USD. This figure represents a ninefold increase over the 2024 export value of just $223 million USD. This shift in trade flows highlights Russia's efforts to reorient its economy and find new markets for its resources.
The exports were primarily in the form of gold bars, with a significant peak occurring in December 2025. That single month saw shipments of 10 tons, worth $1.35 billion USD, accounting for over 40% of the entire year's total volume.
Strategic Gold Reserves Shrink Dramatically
Concurrently, Russia's strategic gold holdings in its National Welfare Fund have undergone a severe reduction. While the fund held 554.9 tons of gold in May 2022, its volume had plummeted to 160.2 tons by January 1, 2026. This indicates that during the period of full-scale war, the fund's gold stockpile has been depleted by more than two-thirds. The sale of such a critical reserve asset is often a measure of last resort for nations facing financial pressure.
According to information presented by Ukraine's Foreign Intelligence Service, this development points to a forced sell-off of gold by Russia.
Consequently, the surge in gold exports to China, set against the drastic drawdown of strategic reserves, raises serious concerns about Russia's financial stability and its capacity to execute long-term economic strategies.
This situation suggests Russia is seeking new sources of liquidity to offset financial losses caused by international sanctions and economic isolation. The depletion of gold reserves may signal underlying problems with the country's economic stability, potentially jeopardizing its ability to fund future economic and military operations.