Russia's $216 Billion Gold Windfall: Sanctions Backfire Amid Global Boom

• Russia gained an estimated $216 billion from its gold reserves since February 2022, largely due to a global gold boom triggered by the Ukraine war.
• The value of gold held by the Bank of Russia increased by over $216 billion in three years, while foreign currency holdings declined by 14%.
• By the end of last year, gold constituted 43% of Russia's total international reserves, up from 21% before the war.
• Western sanctions froze approximately $300 billion of Russian central bank assets, but gold, being outside Western banking systems, proved resilient.
• Gold prices soared due to inflation, geopolitical instability, and central bank buying, with bullion recording its strongest annual gain since 1979 in 2025.

Why It Matters: Russia unexpectedly benefited from a gold boom, gaining $216 billion, despite Western sanctions aimed at crippling its economy.