Russia has taken center stage in the global gold market after its gold reserves soared to a record-breaking US$310.72 billion as of November 30, 2025. With a four-month streak of growing reserves, the country’s strategy of aggressively stockpiling gold is starting to reshape global perceptions of monetary policy, strategic reserves, and financial sovereignty.
Amid economic sanctions, geopolitical tensions, and de-dollarization drives, Russia’s pivot toward gold has not only strengthened its financial resilience but also elevated its role on the global monetary stage. According to the Central Bank of Russia, the value of the country’s gold holdings has increased 57% year-on-year, with gold now accounting for over 42% of Moscow’s total international reserves, the highest figure the nation has seen since 1995.
This dramatic rise comes as Russia’s total reserves, including both gold and foreign exchange, reached $734.59 billion by the end of November, up 19% from the previous year. Analysts point out that Russia’s intensified investment in precious metals is part of a broader, long-term strategy to buffer itself from external pressures, particularly economic sanctions imposed by Western nations.
"The Russian government views gold not just as a financial asset, but as a geopolitical hedge," said an economist specializing in resource-based economies. “In the current global climate, bullion offers insulation against currency fluctuations and financial isolation.”
Gold’s rebalance within the reserve portfolio signifies a deliberate move to reduce dependency on the U.S. dollar and other Western-held assets. It’s a strategy mirrored by a number of economies increasingly wary of dollar-centric financial systems.
The World Gold Council ranks Russia as the world’s fifth-largest holder of gold reserves, with an estimated 2,329 tonnes as of the third quarter of 2025. It trails closely behind France (2,437 tonnes), Italy (2,452 tonnes), Germany (3,352 tonnes), and perennial leader the United States, which holds more than 8,133 tonnes, accounting for 80% of U.S. reserves.
China, in sixth place with 2,303 tonnes, holds a surprisingly modest 7.7% of its reserves in gold, underscoring the boldness of Russia’s reallocation strategy. With gold occupying 42.3% of Russia’s reserves, the highest since February 1995, the country has not only caught the attention of central banks but is now setting a precedent for reserve diversification.
The milestone of $310.72 billion in gold reserves marks a symbolic and strategic victory for Moscow. Back in early 2023, gold comprised less than 30% of the country’s reserves. Fast forward to the end of 2025, and the pace of accumulation has accelerated sharply. According to Sputnik News Agency, this is the first time in history that Russia’s gold holdings have surpassed the $300 billion threshold.
The last time gold made up such a significant share of Russia’s reserves was in February 1995, when it peaked at 43.9%. However, at that time, the gold’s value barely reached $5.5 billion, showcasing the stark contrast of today’s valuations in the wake of increased demand and global price surges.
Russia’s strategic pivot toward gold also speaks to a broader trend among emerging markets. As trust in traditional fiat currencies erodes amid increased global uncertainty, gold is reemerging as the anchor of last resort. In fact, gold prices globally have skyrocketed in 2025, driven by central bank buying, inflationary pressures, and investor demand for safe-haven assets.
Russia’s accumulation of gold is more than an economic maneuver; it’s a political signal. It reflects a concerted effort to create a more independent financial system, shielded from market volatility and geopolitical interference.
In this context, the Kremlin’s focus on bullion can be seen as part of a longer-term ambition to return to a commodity-backed regional financial system, potentially even supporting the ruble with gold reserves in future trade arrangements with allies like China, Iran, and members of the BRICS coalition.
With gold prices and geopolitical risks both continuing to rise, analysts expect Russia to maintain its aggressive accumulation strategy in the near term. Some experts believe that if current trends continue, Russia could soon surpass France or Italy and claim the fourth-largest gold reserves globally.
What remains clear is that Russia’s commitment to gold is not just reshaping its own portfolio, but is also influencing how other nations, particularly in Asia and the Global South, manage their reserves. As global monetary uncertainties loom large, the world is paying close attention to Russia’s golden gamble. And, so far, it appears to be paying off.