The Rise in Gold Prices Almost Compensated for Russia's Reserves Frozen by the EU – Bloomberg 0 17

According to Bloomberg's calculations, since February 2022, the value of the gold reserves of the Central Bank of Russia has increased by more than $216 billion.

According to the Russian Central Bank, its international reserves reached $755 billion at the end of last year, including $326.5 billion in gold.

At the same time, the Central Bank has largely refrained from both large purchases of the metal and from using its gold reserves during this period, despite losing access to foreign securities and currencies that have been blocked under sanctions.

Currently, around €210 billion ($244 billion) of Russian sovereign assets are frozen in the EU.

As reported by Bloomberg, the rise in the value of gold bullion is restoring much of Russia's lost financial capabilities, even if it does not return the blocked reserves.

Russia, the second-largest gold producer in the world, mines more than 300 tons of this metal annually.

The Bank of Russia began using its gold reserves only at the end of last year, and their volumes have decreased by 0.2 million troy ounces to 74.8 million troy ounces. Today, gold accounts for 43% of Russia's total reserves, compared to just 21% in 2022.

Gold prices have surged over the past four years, supported by strong demand from central banks, ongoing concerns about inflation, and heightened geopolitical risks.

In 2025, gold prices increased by approximately 65%, marking the strongest annual performance since 1979.