Romania's public marginally up in April, remains above 60% of GDP
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The Central Bank of Russia (CBR) sold a record 44 tonnes of gold in the first half of 2026 — the largest six-month drawdown in at least 25 years, the period covered by World Gold Council statistics — as it moves to plug a widening budget deficit, Kitco reported on July 21, with a further 9.3 tonnes sold in June alone.
The sales have raised an estimated $5.6bn, used to help balance a federal budget deficit that has widened to almost RUB6 trillion since the start of the year. Reserves stood at 2,283 tonnes at the start of July — still substantial, but the pace of drawdown marks a break from years of steady accumulation.
The move matters because it shows the central bank reaching for a lever it has largely avoided until now, rather than selling down yuan holdings or letting the ruble weaken — both of which carry their own political costs. bne IntelliNews has reported that the CBR and finance ministry are separately cutting yuan purchases this month, underlining how thin the central bank's options are becoming as the war economy strains under sanctions and falling non-oil revenue.
Most of the gold has reportedly been sold to Russian banks via both the exchange and over-the-counter markets, according to market estimates cited by Kitco and Mining.com.
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