russia FACES PRICE SHOCK, GOLD RESERVES ARE GONE Vlog 1302: War in Ukraine (video commentary)

01/27/2026

According to data from Russia’s Ministry of Finance, the volume of gold on the NWF’s balance sheet dropped by 71% between May 2022 and January 2025. According to the Ministry of Finance, the average price of Russian Urals crude fell to $39 per barrel—well below the $59 assumed in the federal budget. To cover the shortfall in oil and gas revenues, the ministry began selling gold and foreign currency at a rate of 12.8 billion rubles per day from January 16 to February 5, 2026. The Moscow Times reports this to be the fastest pace of asset sales since the start of such interventions. Analysts at VTB Bank estimate that if current market conditions persist, Russia may spend up to 2.5 trillion rubles from the NWF in 2026—amounting to approximately 60% of its remaining liquid reserves.