Why Is Russia Selling Its Gold? Russia's gold reserves have been declining rapidly in recent months, with significant volumes sold to offset a massive budget deficit.
The Kremlin's move has sparked concern about a looming financial crisis, but experts argue that it's not necessarily a sign of economic collapse – yet.
The sale of gold is a symptom of Russia's heavily increased defense spending, which funds the war in Ukraine. With defense costs soaring to unprecedented heights, Moscow is struggling to balance its books.