Russia Is Selling Off Gold Faster Than Anyone Else in the World.

Russia is selling off gold faster than anyone else in the world.

By the results of Q2 2026, Russia became the world’s largest seller of gold, selling 21.77 tons from its foreign exchange and gold reserves, according to the World Gold Council (WGC).

Turkey was in second place, with 4.23 tons.

According to data from the Central Bank of Russia, from the start of the year through the end of July Russia sold off 49.7 tons of gold (1.6 million troy ounces). This was the largest one-off gold sell-off since the 1998 default, when Russia sold 118 tons (3.8 million ounces), The Moscow Times reported, citing the IMF.&INDICATOR=RGVREVS)

The biggest buyers of gold in Q2 were Poland (50.79 tons), China (32.97 tons), Uzbekistan (16.17 tons), Kazakhstan (14.78 tons), and Singapore (9.86 tons).

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In short, they are selling off gold to cover the budget deficit.

The bad news is that Russia has a fuckton of gold. Trading Economics estimates Russia’s gold reserves in Q2 of this year at 2,283 tons.

Thanks for the tip to The Moscow Times.