Since the start of Russia’s full-scale invasion of Ukraine, Moscow has earned about $216 billion from rising gold prices, Bloomberg estimates. This sum is comparable to the volume of the country’s sovereign reserves frozen under European jurisdiction—about $244 billion.
As the publication notes, “the rise in gold prices offsets a significant share of Russia’s lost financial capacity, even if it does not lead to the unfreezing of its reserves. Unlike securities and cash placed under sanctions in Europe and therefore unavailable for sale or use as collateral, gold can, if necessary, be converted into liquidity.”
According to Russian authorities, by the end of last year the country’s international reserves had reached $755 billion, of which $326.5 billion was held in gold.
In 2025 gold prices rose by about 65%, marking the sharpest annual increase since 1979.