As Russia’s Fiscal Deficit Grows, the Kremlin Starts Selling Gold
So far this year, the Bank of Russia has divested gold amounting to about 22 tons in a bid to fund the deficit in its budget. The budget shortfall amounted to approximately $61.3 billion by March’s end due to dwindling revenues from oil and gas. Data on gold trading volumes on the Moscow Exchange indicates that in March, nearly 43 tons were traded. This was nearly four times what had been traded during the same month last year. This volume equated to approximately $7.1 billion, a figure that was five times the amount of money that exchanged hands for gold in March 2025. Freedom Financial Global’s analyst Natalia Milchakova revealed that Russia is likely to continue selling gold as…