There is often speculation about the state of Russia's economy following its war against Ukraine and the sanctions imposed by the West. While estimates of just how dire the situation is vary widely, there are still signs that things do not seem to be going entirely smoothly.
This includes the fact that the Russian central bank is currently selling off large quantities of its gold reserves. The price of gold is high today, and over the past four months, Russia has sold 28 tonnes of this precious metal, marking the largest decline since 2002. The funds are reportedly being used to plug budget gaps rather than for investments.
Analysts now believe that the gold sales indicate that Russia is running out of options to finance the country and the war, and that the gold reserves are a kind of last resort.
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