Russia's gold and yuan reserves shrinking, reports Ukraine's Foreign Intelligence Service

Russia's National Wealth Fund has dropped to US$38 billion, down from US$150 billion before the full-scale invasion of Ukraine in 2022.

Source: Oleg Ivashchenko, Head of Ukraine's Foreign Intelligence Service, as reported by Ukrainian news agency Ukrinform

Quote: "Before the full-scale invasion in 2022, Russia's National Wealth Fund stood at about US$150 billion. Now only around US$38 billion remains. The money is melting away."

Details: Ivashchenko added that another illiquid portion of Russia's reserves consists of securities that cannot currently be sold.

Quote: "Russia had 2,300 tonnes of gold – now it is down to 1,700. They are selling it. There was RMB 164 billion. These reserves are also gradually diminishing. In total, Russia's military overspending reached US$5 billion over the past three months. For their economy, this is quite significant."

More details: Ukraine's Foreign Intelligence Service forecasts that by the end of this year, Russia will face serious economic problems, including with finances and labour resources. A crisis in the energy sector, public utilities and a shortage of personnel may become increasingly evident.

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