Russlands Haushaltsdefizit erreicht im Januar 22,3 Milliarden US-Dollar, die Hälfte seines Jahresziels für 2026

Yet only 1% of our target for Russia.

„Russia Gold Reserves was reported at 402.706 USD bn in Jan 2026“ – but of course if they were to sell at this scale, it might quickly become a lot less due to the price crashing.

The National Wealth Fund is reported to have $55B of liquid assets (as of Feb 1). If they’d be burning through that in 2.5 months… ouch.

Russia claims the spending is front-loaded, and a Russia-critical blog (Russianomics) seemed to somewhat confirm that this happens, but I couldn’t find raw data to judge how much of the spending that would explain.

Even at this level, they could sustain burning through savings at this rate for at least a year, although I suspect they want those gold reserves to recover once they agree to some kind of peace deal.