$In early 2025, Russia found itself at the center of yet another scandal related to its financial reserves. The gold reserves of the National Welfare Fund (NWF), which at the beginning of 2024 amounted to 358.9 tons, decreased to 187.7 tons as of January 1, 2025. This decrease of 171.2 tons — or 48% of the total — became the subject of heated debate. Officially, the Russian Ministry of Finance explained the sale of only 58.9 tons of gold in December 2024 by the need to cover the budget deficit. But where did the other 112.3 tons go? This mystery raises questions about the transparency of the authorities’ actions and the real state of the Russian economy.
The National Monetary Fund, created to stabilize the economy in times of crisis, has long been considered a Kremlin “cup” filled with oil profits. Gold became a key part of the reserves after the imposition of sanctions in 2022, when access to Western markets and currencies was limited. However, monthly reports from the Ministry of Finance show that the gold stock has been decreasing almost continuously: in March 2024, 23.2 tons disappeared, in October - 8.5 tons, in July - 4.7 tons. The only exception is January 2024, when the volumes remained stable. In June, the Ministry of Finance even announced the inclusion of 2.8 tons of gold, but the total volume still decreased by 14.2 tons. Such discrepancies only deepen suspicions.
The authorities’ official explanations look unconvincing. The sale of gold in December, according to the Finance Ministry, was aimed at financing budget needs, in particular due to the war in Ukraine and the economic pressure of sanctions. But the disappearance of more than 100 tons without detailed reports suggests hidden transactions. Opposition publications such as The Moscow Times suggest that these reserves could have gone to secretly finance military spending or even ended up in the pockets of people close to the Kremlin. Ukraine’s Foreign Intelligence Service has also linked the sale of gold to an acute shortage of funds in the budget.
Russia remains one of the world's leading gold producers, producing over 300 tonnes annually. The country's central bank has accumulated over 2,360 tonnes as of 2023, making it one of the world's largest gold reserve holders. However, the situation with the National Monetary Fund suggests that the "safety cushion" is rapidly melting. On social media platforms, users joke that the gold could have "evaporated" along with the yachts and estates of officials, although there is no evidence of this.
Economists warn that the opaqueness of gold transactions is a symptom of a deeper crisis. Isolated from global markets, Russia is forced to sell assets to support the economy and the war. The disappearance of 112.3 tons of gold from the National Savings Fund without a clear explanation only highlights the chaotic management of reserves. Will the Kremlin be able to maintain the appearance of stability when the “cube” is empty? There is no answer yet, but this story has already become a symbol of Russia’s financial problems in 2025.
The article was prepared based on open data as of February 22, 2025.
