2025年11月20日，俄羅斯中央銀行首次確認將出售儲備的實物黃金，以彌補國家財政預算缺口。官方指出，此舉主要是為了應對西方制裁所帶來的財政壓力。據悉，這次黃金交易在俄國內部市場進行，但具體規模和操作時間並未對外透露。

此次出售黃金的背景與俄羅斯面臨的經濟困境密切相關。自2022年烏克蘭危機升級以來，歐盟及七國集團凍結俄羅斯約3000億歐元的外匯儲備，其中約2000億歐元被滯留在歐洲清算賬戶。此外，俄羅斯的黃金出口也被西方市場禁止，進一步限制其國際流動性。俄羅斯的主權基金在俄烏衝突期間已出售近六成的黃金資產，使得流動性儲備縮水超過一半。截至2025年11月，俄羅斯國家財富基金的黃金存量降至173.1噸，流動性資產總額降至516億美元，財政缺口進一步擴大。

與以往不同的是，此前俄羅斯政府向央行轉讓黃金所有權僅為帳面操作，實物黃金並未離開儲備體系。而此次則是首次面向國內市場出售實物黃金，直接換取盧布，用於填補財政缺口。這種操作模式的轉變，反映出俄羅斯在國際制裁壓力下尋求內部流動性解決方案的新策略。

對市場及俄羅斯本身而言，這一舉措的影響不容忽視。2025年以來，國際黃金價格已上漲超過50%，現約為每盎司4040美元。分析認為，俄羅斯的出售行為可能僅引發短期波動，長期仍受到降息預期及市場需求的支撐，金價有望繼續上行。對俄羅斯而言，通過國內黃金交易繞過國際限制，不僅緩解盧布流動性壓力，也避免對國際市場造成過大衝擊。黃金在此過程中成為一種“內部提款機”，同時金價的上升可提升儲備資產的市值，增強國際交易的主動性。

從全球黃金格局來看，俄羅斯作為全球第五大黃金儲備國（儲量超過2300噸）以及第二大黃金生產國（年開採量超過300噸），其出售行為凸顯主權國家在極端壓力下對流動性的選擇。然而，從長期戰略來看，此舉難以改變央行增持黃金和去美元化的全球趨勢，黃金的戰略價值仍然不可替代。

On November 20, 2025, the Central Bank of Russia confirmed for the first time that it would sell physical gold from its reserves to cover the national budget deficit. Authorities stated that this move was primarily aimed at addressing the financial pressures caused by Western sanctions. The gold transactions took place within Russia’s domestic market, though specific details regarding the volume and timing of the sales were not disclosed.

The sale of gold comes against the backdrop of Russia’s broader economic challenges. Since the escalation of the Ukraine crisis in 2022, the European Union and the G7 froze nearly €300 billion of Russian foreign exchange reserves, of which approximately €200 billion remained in European clearing accounts. At the same time, Russia’s gold exports were banned in Western markets, further restricting its international liquidity. During the Russia-Ukraine conflict, the country’s sovereign wealth funds sold nearly 60% of their gold holdings, causing liquid reserves to shrink by more than half. By November 2025, the National Wealth Fund’s gold stock had fallen to 173.1 tons, and total liquid assets dropped to $51.6 billion, exacerbating the fiscal deficit.

Unlike previous transfers of gold ownership to the central bank, which were largely accounting adjustments with no physical movement of gold, this marks the first time Russia has sold physical gold directly in the domestic market to obtain rubles for budgetary support. This shift in operational strategy reflects Russia’s efforts to address liquidity constraints under international sanctions.

The move has notable implications for both the market and Russia itself. Gold prices in 2025 have already risen over 50%, currently around $4,040 per ounce. Analysts suggest that Russia’s sales may only trigger short-term volatility, while longer-term factors such as interest rate expectations and market demand could continue to support rising prices. For Russia, conducting domestic gold transactions allows the country to circumvent international restrictions, easing ruble liquidity pressures while minimizing disruption to global markets. In this context, gold acts as an “internal cash source,” and rising gold prices also increase the market value of reserve assets, enhancing Russia’s leverage in international transactions.

From a global perspective, Russia, as the world’s fifth-largest holder of gold reserves (over 2,300 tons) and the second-largest gold producer (annual output exceeding 300 tons), demonstrates how sovereign nations can exercise liquidity options under extreme pressure. However, in the long term, this sale is unlikely to reverse the strategic trend of central banks accumulating gold and pursuing de-dollarization, and the strategic value of gold remains irreplaceable.