Russia increases gold exports to China ninefold to cover budget gaps – Ukrainian intelligence

Russia ramped up gold exports to China in 2025, sending 25.3 tonnes – nine times more than in 2024.

Source: Foreign Intelligence Service of Ukraine (FISU)

Details: In monetary terms, exports rose to US$3.29 billion compared with just US$223 million the previous year.

Quote: "The main volumes fell into two periods – February-March and October-December, indicating an unstable export schedule. The peak load was recorded in December, when Russia shipped 10 tonnes of gold worth US$1.35 billion – more than 40% of the annual volume."

Details: The FISU believes that such concentration at the end of the year indicates the use of gold as a tool for urgent fundraising. Exports were mostly in gold bars, which facilitates rapid monetisation of assets.

Quote: "The growth in exports occurred in parallel with a sharp decline in Russia's domestic gold reserves. As of 1 January 2026, the National Wealth Fund held only 160.2 tonnes of gold in accounts with the Central Bank of Russia, compared to 554.9 tonnes in May 2022. This trend indicates a systemic depletion of reserves."

Details: The FISU considers the sharp increase in exports to China as a short-term financial manoeuvre aimed at plugging budget gaps, particularly at the end of the financial year, at the cost of reducing strategic reserves.

Background:

• In 2025, the Central Bank of Russia for the first time began direct sales of gold from its reserves on the domestic market, granting access to banks, state companies and certain investment structures.
• China may have actually purchased 10 times more gold last year than officially reported.

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