Russia's Gold Exports to China Soar in 2025 Amid Steep Decline in Domestic Reserves, Ukrainian Intelligence Reports

Significant Increase in Gold Shipments to China

The Russian Federation sharply increased its gold exports to China throughout 2025, as reported by Ukraine's Foreign Intelligence Service (SZRU) on January 29, 2026. The total volume of gold exported to China reached 25.3 metric tons, marking a ninefold increase compared to the previous year. In monetary terms, the value of these exports surged from $223 million in 2024 to approximately $3.29 billion in 2025.

Shipments were not uniform throughout the year, with peak deliveries observed during February–March and October–December. In December alone, Russia reportedly exported 10 tons of gold, valued at $1.35 billion, which constituted over 40% of the year's total. The majority of these exports were in the form of gold bars, a format that facilitates rapid monetization of assets.

Domestic Gold Reserves Reach Multi-Year Low

This substantial increase in gold exports coincided with a significant depletion of Russia's domestic gold reserves. According to the Ukrainian intelligence report, the gold holdings within Russia's National Wealth Fund (NWF) stood at just 160.2 tons as of January 1, 2026. This figure represents a sharp decline from 554.9 tons recorded in May 2022, reaching its lowest level in years.

The volume of gold in the National Wealth Fund reportedly fell by 71% between 2022 and 2025. While other reports indicate that Russia's overall gold reserves, including those held by the Central Bank, remained stable at around 2,330 tons in late 2025, or even saw an increase in proven gold deposits, the decline in the NWF's liquid gold holdings highlights a specific trend in the fund used for budget purposes.

Context and Reported Motivations

Analysts cited in the reports suggest that the surge in gold exports is a direct consequence of mounting Western sanctions and Russia's limited access to global financial markets. The redirection of gold flows towards Asian partners, particularly China, is viewed as a strategic move to convert assets into liquid funds and address budget shortfalls.

The Ukrainian Foreign Intelligence Service characterizes this sharp increase in exports as a 'temporary fiscal tactic' or a 'short-term financial maneuver' aimed at plugging budget gaps, especially towards the end of the fiscal year. This strategy, however, is believed to come at the cost of depleting the country's strategic reserves.

For China, the increased gold purchases align with Beijing's broader strategy of accumulating gold reserves and reducing its dependence on the U.S. dollar.