The Bank of Russia’s official precious-metals accounting page lists daily official gold prices in rubles and shows the latest update on 2026-07-11. This is primary-source evidence that the central bank maintains and publishes gold-related accounting data, but the page does not itself state that gold is being sold for yuan.

The central bank said that, as domestic gold market liquidity has improved, it is now carrying out equivalent operations not only through yuan transactions but also partly through gold. Reuters also reported that in 2025 the bank has been net selling foreign currency and gold for the National Wealth Fund.

In January 2026, parts of the National Wealth Fund held at the Bank of Russia were sold: 8,426.0 million Chinese yuan and 5,147.5 kg of gold in unallocated form were liquidated for 154,568.4 million rubles. The proceeds were credited to the federal budget to finance the deficit.

Growing turnover and liquidity on the domestic gold market creates conditions for the Central Bank of Russia to mirror operations with the liquid foreign exchange assets of the National Wealth Fund not only in yuan, but in gold. The deputy finance minister said the ministry buys or sells non-cash yuan and non-cash gold for rubles, and the central bank conducts equivalent operations on the domestic market.

Reuters reported that Russia’s finance ministry said it sold yuan and gold from the National Wealth Fund in January 2026 to help finance the federal budget deficit. The report identifies the transaction as a sale of yuan and gold, but attributes the operations to the finance ministry rather than the central bank acting on its own account.

Russia's gold reserves decreased to 2304.75 tonnes in the first quarter of 2026 from 2326.52 tonnes in the fourth quarter of 2025. This indicates a decline in reported official gold holdings over that period, although the page does not specify the transaction currency.

The finance ministry said it sold 8.426 billion yuan and 5,147.5 kg of gold from the National Wealth Fund in January 2026, and the proceeds were used to finance the federal budget deficit. This is primary-source evidence for sales of both yuan and gold.

Kitco reports that Russia’s central bank gold reserves fell for the fourth consecutive month in April 2026, with a total decline of 27.9 tonnes between January and April, the sharpest drop in a quarter century, based on World Gold Council data.[6] An analyst cited by Kitco states: "Additionally, the gold sales could have been aimed at building up foreign currency reserves, as a shortage emerged due to weak export earnings early in the year," adding explicitly: "The precious metal was exchanged for yuan."[6] Kitco also notes that on Feb. 20, the Central Bank announced it had sold 300,000 ounces of gold from its reserves in January.[6]

Russia’s central bank has for the first time begun selling physical gold from its reserves as part of Finance Ministry operations to fund the state budget. The bank said the move mirrors previous transactions involving gold from the National Wealth Fund, and that it now conducts equivalent operations not only through yuan transactions but also partially through gold.

In January 2026, the Russian finance ministry sold 8.4 billion yuan and 5.1 tonnes of gold from the National Wealth Fund for 154.6 billion rubles, and the proceeds were transferred to the federal budget. The report makes clear that the operation was a sale of yuan and gold from sovereign wealth holdings, not a market purchase of yuan by the central bank.

The total volume of the National Wealth Fund's liquid assets, which include gold and Chinese yuan, had fallen 55%. The article reports that the Bank of Russia had begun real sales of physical gold from its reserves in connection with Finance Ministry operations, but it did not specify the timing or volume.

The Bank of Russia bought yuan on the domestic market as part of budget-rule operations, while the article states that these operations occur alongside purchases of currency and gold under the budget rule. The piece does not show the Bank of Russia selling gold for yuan; instead, it describes yuan purchases and gold-related operations under the fiscal rule framework.

The Bank of Russia bought yuan on the domestic market on 3 June 2026, and the article says these operations are conducted under the budget rule and relate to purchases of currency and gold. It supports the context that the central bank is buying yuan, not selling gold for yuan.

Central Banking reports that the Bank of Russia "has begun selling gold from its reserves locally" and announced on November 19 that it would sell gold on local markets and channel the proceeds to the country’s National Wealth Fund (NWF).[2] The article explains that "the purchase or sale of liquid foreign exchange assets of the NWF (yuan and gold) for rubles entails the Bank of Russia carrying out transactions equivalent in volume" in domestic markets, indicating coordinated operations involving both yuan and gold.[2]

Russia’s finance ministry sold yuan and gold from the National Wealth Fund in January 2026 to cover the budget deficit. The article explicitly says the fund’s assets were sold for rubles and that the transaction involved both yuan and gold, but it does not support a claim that the Bank of Russia itself was selling gold for yuan on its own balance sheet.

A commentary video claims that the apparent reduction in Russia’s gold reserve was due to National Wealth Fund operations and that the Ministry of Finance, not the central bank for its own account, was selling yuan and gold. This is secondary commentary, useful mainly for context, not as primary evidence.

BullionVault’s gold‑market commentary notes that Russia’s central bank has reported selling bullion for the fourth month running in April, making "the heaviest monthly cut to gold bullion reserves in a quarter of a century."[4] Citing Moscow Times analysis, the article says these gold sales are most likely to obtain foreign currency "led by Chinese Yuan," and quotes that "the precious metal was exchanged for Yuan" as the government seeks to build up foreign‑currency reserves amid weak export revenues.[4] The piece also mentions Russia’s Finance Ministry planning to issue more OFZ bonds in Chinese yuan.[4]

TVP World (Facebook post) states that "Russia has begun selling its physical gold reserves for the first time in nearly 25 years, as it looks to shore up its budget amid record military spending."[8] The post adds that "The Central Bank of Russia has for the first time begun direct sales of gold from its reserves on the domestic market, opening access to the precious metal for domestic buyers" rather than only holding it as a passive reserve asset.[8]

This social post claims that the Bank of Russia was increasing purchases of yuan and gold under the budget rule, and separately notes that the Ministry of Finance sells yuan and gold from the National Wealth Fund. It is less authoritative than the official ministry statement and should be treated as contextual only.

The report says the Bank of Russia reduced the volume of gold in its reserves, and the commentary states that gold was exchanged for yuan. It is a secondary interpretation rather than a direct official statement, but it is relevant to the specific wording of the claim.

Journalist Anne Applebaum posted on X that "Russia has started selling off its gold reserves for the first time to pay for the war. The Bank of Russia has, for the first time, started real sales of physical gold from its reserves as part of the Finance Ministry’s operations to fund the state budget."[7] This social‑media comment reflects reporting that the central bank’s gold sales are linked to budget financing needs.[7]

According to background knowledge, Russia’s fiscal rule reform after Western sanctions shifted the National Wealth Fund’s liquid asset structure almost entirely to Chinese yuan and gold, with target shares of roughly 60% yuan and 40% gold.[3] Official communications have described operations where the Finance Ministry buys or sells non‑cash yuan and non‑cash gold for rubles with the Central Bank, and the Central Bank then mirrors these operations in domestic markets, implying that gold and yuan are both used as liquid instruments alongside the ruble rather than in direct gold‑for‑yuan swaps.[4] This context helps explain why current reports emphasize parallel operations in gold and yuan to manage liquidity and the ruble exchange rate.[3][4]

Russia has started selling off its gold reserves. The Bank of Russia has, for the first time, started real sales of physical gold from its reserves as part of the Finance Ministry’s operations to fund the state budget. The central bank said it was mirroring gold transactions of the National Wealth Fund, alongside transactions in Chinese yuan.

The central bank's gold operations in the domestic market have increased sharply as liquidity improves and sanctions force the state to rely more heavily on yuan and gold to manage fiscal reserves. The commentary says Russia is selling gold to fund state finances, but this is a secondary analysis rather than an official statement.

This page states that Russia's central bank sold gold from its reserves in January and claims the country liquidated around 0.4% of its gold holdings, but it is a user-generated discussion and not a primary or authoritative source.

The article claims the Bank of Russia became the single largest seller of gold in 2026 and says Russia sold 22 tonnes in the first quarter, but it is a commentary piece and not a primary source. It also frames the sales as linked to budget pressure rather than explicitly to yuan exchange.