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Russia’s Gold Exports to China Surge as Domestic Reserves Hit Record Low
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![Photo of Liubava Petriv]( "Photo of Liubava Petriv")
Russia sharply increased its gold exports to China in 2025, while its domestic reserves dropped to their lowest level in years, Ukraine’s Foreign Intelligence Service (SZRU) reported on January 29.
In 2025, Russia exported 25.3 metric tons of gold to China—a staggering ninefold increase compared to 2024. The value of these exports surged from $223 million to $3.29 billion year-over-year.
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The shipments were uneven throughout the year, with peak deliveries recorded in February–March and October–December. In December alone, Russia exported 10 tons of gold worth $1.35 billion—accounting for more than 40% of the year’s total.
The majority of exports consisted of gold bars, which can be quickly monetized, indicating a strategic push to convert assets into liquid funds.
This export surge coincided with a dramatic decline in Russia’s national reserves. As of January 1, 2026, the National Wealth Fund held only 160.2 tons of gold—down from 554.9 tons in May 2022.
Facing mounting Western sanctions and limited access to global financial markets, Russia appears to be redirecting its gold flows toward Asian partners, particularly China.
Analysts suggest this is a temporary fiscal tactic aimed at plugging budget shortfalls, but warn it comes at the cost of depleting the country’s strategic reserves.
Earlier, it was reported that China rejected allegations that it is helping Russia expand production of the nuclear-capable Oreshnik ballistic missile, saying it would not accept “blame-shifting.”
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