Since the start of the war, Russia has earned hundreds of billions of dollars from the rise in the price of gold

Since the start of the war between Russia and Ukraine, over almost 4 years Russia has earned $216 billion thanks to the rise in gold prices. This income is comparable to the size of sovereign reserves frozen in Europe, which amount to $244 billion.

These calculations were made by Bloomberg.

“The increase in the value of gold restores a large part of Russia’s lost financial potential, even if it does not return the blocked assets. While securities and cash immobilized in Europe cannot be sold or pledged, gold can still be monetized if necessary,” the outlet commented.

Russia says its international reserves at the end of last year reached $755 billion, including $326.5 billion in gold.

In 2025, gold rose by about 65%, showing the strongest annual increase since 1979. One of the reasons for the record rise, experts said, was China’s secret purchases of the precious metal.

In December, the media reported that the Russian ruble, by year-end, entered the top five highest-yielding assets after platinum, silver, palladium, and gold.