Russia sharply increased gold sales to China amid depletion of reserves
In 2025, Russia significantly increased its gold exports to China, using the precious metal as a tool to quickly raise funds amid financial pressure. Over the year, Russia supplied 25.3 tonnes of gold to China, which is nine times more than in 2024, according to the FISU.
In monetary terms, export volumes increased to $3.29 billion, compared to $223 million a year earlier. Such growth is atypical and indicates the forced nature of the transactions. Supplies were uneven and fell mainly into two periods. The main export volumes were recorded in February and March, as well as in October and December.
The peak month was December, when Russia shipped 10 tonnes of gold worth US$1.35 billion. This is more than 40 per cent of the total annual export volume. Such a concentration at the end of the year indicates the use of gold to cover urgent budgetary needs. Deliveries were mainly in the form of bullion, which allows for quick monetisation of assets.
The growth in exports occurred against the backdrop of a rapid decline in Russia's domestic gold reserves. As of 1 January 2026, the National Welfare Fund held 160.2 tonnes of gold in accounts with the Central Bank of the Russian Federation. For comparison, in May 2022, this figure was 554.9 tonnes.
Analysts note that sanctions pressure and the loss of access to Western trade infrastructure have forced Moscow to redirect gold exports to Asian markets, primarily China. At the same time, the sharp increase in supplies to China looks like a short-term financial manoeuvre that allows Moscow to patch up budget holes at the cost of a systematic reduction in strategic reserves.
Source and illustration: FISU.
PRC, China, gold, Russia, war
