Russia has dramatically increased its gold holdings, which now account for 42.3% of its international reserves, reaching a record value of over $310 billion, according to the latest data from the Central Bank of Russia. While this share is down from the all-time high of 57% recorded in 1993 after the dissolution of the Soviet Union, it marks the highest percentage since 1995 and underscores Moscow's strategic pivot away from dollar-denominated assets.
A Historic Shift Toward Gold
The figures reveal that Russia's gold reserves have surged from a mere 2% of total reserves in 2007 to 42.3% today. The turning point came after the European Union froze approximately $300 billion of Russian foreign exchange reserves in 2022 in response to the Ukraine conflict. Since then, the Russian central bank has been consistently buying gold, adding roughly 20 tonnes per month throughout 2024 and 2025. The total value of gold holdings has climbed from $207.7 billion in early 2024 to over $310 billion by December 2025.
By comparison, during the early 1990s, Russia's gold share peaked at 57%, but the country gradually reduced its reliance on the precious metal as it integrated into global financial markets in the 2000s. The current 42.3% level is the highest since 1995, when gold accounted for about 45% of reserves. The Russian central bank has emphasized that gold serves as a “sanction-proof and sovereign risk-free asset” in a statement released alongside the data.
De-dollarization and Geopolitical Strategy
Russia's aggressive gold accumulation is a direct response to the realization that dollar- and euro-denominated assets can be frozen or seized through sanctions. Following the EU's asset freeze, Moscow accelerated its gold purchases to build a reserve base that is immune to foreign government intervention. Gold is physically held within Russia and can be easily liquidated in global markets outside the Western financial system.
In parallel, Russia has been pushing for de-dollarization in trade and financial transactions. The central bank is exploring the integration of gold with the digital ruble, potentially creating a gold-backed digital currency that could function independently of the SWIFT payment network. This aligns with similar efforts by China, which has been steadily reducing its U.S. Treasury holdings while increasing gold reserves for 18 consecutive months. Other nations including Turkey, India, and Poland have also ramped up gold purchases, reflecting a broader trend among central banks to diversify away from the dollar.
Outlook: Gold's Role in a Multipolar World
The global central bank gold buying spree reached a record 1,200 tonnes in 2025, according to the World Gold Council, with Russia and China accounting for more than half of that total. The surge in demand has helped push gold prices above $2,700 per ounce multiple times in 2025. Analysts expect Russia to continue increasing its gold holdings, with the share potentially reaching 50% within the next two years, approaching the 57% record seen in 1993.
Central Bank Governor Elvira Nabiullina stated last month that “gold plays an irreplaceable role in our reserves.” Given the ongoing geopolitical tensions, the growing U.S. federal debt, and challenges to the Federal Reserve's independence, Moscow sees no reason to abandon its gold strategy. Instead, the trend toward a multi-currency, multi-asset reserve system is likely to accelerate, with gold acting as a universal store of value and settlement asset in a world where trust in the dollar is eroding.