The Digester

Bloomberg: Russia's gold gains add $216 billion, closing gap with $300 billion frozen

Mar 18th 2026

Bloomberg reports a $216 billion increase in the value of Russia's gold since February 2022, boosting gold to 43 percent of reserves and partly offsetting about $300 billion in central bank assets frozen by the West.

  • Bloomberg calculates Russia's gold holdings gained over $216 billion since February 2022.
  • Western countries froze about $300 billion of Russian central bank assets, mostly at Euroclear.
  • Gold's share of Russia's reserves rose from 21% before the Ukraine conflict to 43% by end‑2025.
  • Total international reserves were $754.8 billion on January 1, with monetary gold valued at $326.5 billion.
  • Holdings of foreign currency and other assets fell by about 14% over the same period.
  • Gold can still be sold or used as collateral even when other reserves are frozen, partly restoring financial capacity.
  • Gold futures topped $4,720 per ounce amid geopolitical risk and central bank demand, and Russian officials expect further rises toward $5,000 per ounce.

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