俄罗斯正在大规模出售黄金储备以缓解严重的财政压力。[1]俄罗斯央行宣布，截至7月初，俄罗斯黄金储备为2,282公吨，较2026年初下降43.5公吨，降至2022年2月乌克兰战争全面爆发以来的最低水平。[1]这次售金预计将筹得超过50亿美元。[1]
俄罗斯面临的财政困境主要源于乌克兰战争带来的巨大支出压力。[1]2025年俄罗斯国防支出达16万亿卢布（约2,040亿美元），2026年国防支出更是超支至少280亿美元。[1]2026年预算赤字预期将占国内生产总值的1.6%，约合400亿美元。[1]
在流动资产日益紧张的背景下，俄罗斯转向出售黄金。[1]国家福利基金规模约为1,500亿美元，其中流动资产仅约500亿美元。[1]Peterson国际经济研究所经济学家Elina Ribakova表示："他们出售黄金意味着其他流动资产在枯竭。"[1]不过，宏观咨询公司分析师Chris Weafer认为："这不是恐慌性抛售，而是相对正常的趋势。"[1]
Russia has liquidated a substantial portion of its gold reserves so far in 2026, with the central bank reporting holdings of 2,282 tonnes as of early July, down 43.5 tonnes from the start of the year [1]. This marks the lowest level since Russia's full-scale invasion of Ukraine in February 2022 [1]. The sale is expected to generate more than $5 billion, funds aimed primarily at alleviating the strain of mounting defense expenditures tied to the ongoing conflict [1].
The country faces a severe fiscal squeeze, with defense spending overrunning its budget by at least $28 billion in 2026 alone, following defense outlays of 16 trillion rubles (approximately $204 billion) in 2025 [1]. The government projects a budget deficit of around $40 billion, or 1.6 percent of gross domestic product, for the year [1]. Against this backdrop, Russia's gold sales reflect broader pressure on its liquid reserves. The National Welfare Fund, which holds approximately $150 billion in assets with roughly $50 billion in readily available funds, has become a critical source of financing [1].
According to economist Elina Ribakova of the Peterson Institute for International Economics, the gold sales signal that other liquid assets are being depleted [1]. However, macroeconomic analyst Chris Weafer characterized the trend as relatively normal rather than panic-driven selling [1]. Gold prices have fluctuated considerably, averaging around $4,800 per ounce in the first four months of 2026 before declining to approximately $4,000 per ounce more recently [1].