russia increased gold exports to China ninefold to ‘plug’ budget holes

This is evidenced by data from the Foreign Intelligence Service of Ukraine (SZRU).

In monetary terms, exports grew to $3.29 billion, compared to only $223 million a year earlier.

"The main volumes fell into two periods – February–March and October–December, which indicates an unstable export schedule. The peak load was recorded in December, when russia shipped 10 tonnes of gold worth US$1.35 billion – more than 40% of the annual volume," the report says.

The SZRU believes that such a concentration at the end of the year indicates the use of gold as a tool for urgent fundraising. Exports were mainly carried out in gold bars, which simplifies the rapid monetisation of assets.

"The growth in exports occurred in parallel with a rapid reduction in the russian federation's domestic gold reserves.

As of 1 January 2026, the National Welfare Fund held only 160.2 tonnes of gold in accounts with the Central Bank of the russian federation, compared to 554.9 tonnes in May 2022. This trend indicates a systematic depletion of reserves," the intelligence report said.

They believe that the sharp increase in exports to China looks like a short-term financial manoeuvre aimed at patching up budget holes, particularly at the end of the financial year, at the cost of reducing strategic reserves.

Source: Economic Pravda