The Central Bank began its first sales of physical gold from its reserves as part of the finance ministry’s efforts to fund the budget deficit. With gold at record high levels, this is more lucrative than selling off Russia’s new reserve currency, the Chinese yuan. Gold sales take place within the framework of the government’s rule for managing assets from the National Welfare Fund (NWF). While oil export revenues are falling (which they have been throughout 2025), the finance ministry sells liquid assets from the NWF to raise rubles. After the invasion of Ukraine and imposition of sanctions, the Chinese yuan…