[Russia Reduces Gold Reserves for Six Consecutive Months, Ending 20-Year Accumulation Cycle to Serve as 'Fiscal Relief Tool'] BlockBeats News, July 22: Russia is reducing its gold reserves, marking a shift from the country's more than 20-year trend of continuous gold accumulation. Since the beginning of this year, Russia's official gold reserves have declined for six consecutive months, decreasing by approximately 43.5 tons as of early July, reaching their lowest level since 2022. Data shows that Russia's current gold reserves stand at approximately 73.4 million troy ounces (about 2,282 tons), valued at roughly $299 billion. At the same time, Russia's total international reserves fell from $747.4 billion at the end of May to $720.4 billion at the end of June, while foreign exchange reserves remained relatively stable, indicating that the reduction in reserves primarily stems from gold assets. Analysts believe the main reason for Russia's gold sales is increased fiscal pressure. Due to the ongoing Russia-Ukraine conflict, declining energy revenues, and expanded government spending, Russia's budget deficit has widened, reaching approximately 4.6 trillion rubles as of the end of March. Some of the gold may have been sold to domestic banks or converted into foreign exchange to alleviate fiscal and liquidity pressures. Previously, Russia had long been a significant buyer in the global gold market. Between 2002 and 2025, Russia accumulated over 1,900 tons of gold, with only a notable reduction in 2005 over the past 24 years. This recent reduction comes against the backdrop of high gold prices. The Russian Central Bank previously stated that it had sold part of its gold reserves due to gold prices surpassing the historical high of $5,500 per ounce. Analysts believe that Russia is not abandoning its gold strategy but is instead shifting gold from a long-term reserve asset to a flexible source of funds under fiscal pressure. [Original Link]