Russia's international reserves hit a new peak of $695 billion
Russia's international reserves have seen a significant boost, as revealed by statistics based on data from the beginning of 2023. The data for these rankings was compiled from the central banks of 100 countries, reflecting a larger global trend.
China led the world in reserve growth, increasing its reserves by $263.3 billion. However, Russia managed a substantial increase as well, ranking seventh globally. As of July 4, 2023, Russia's reserves reached a record size of $690 billion.
The growth in Russia's reserves was not solely attributed to gold. It also includes foreign exchange reserves, which have been on the rise since early 2025. Russia's forex reserves have recovered from a wartime low by diversifying holdings away from Western currencies and benefiting from sustained commodity exports.
Russia's strategic accumulation of gold and reduced reliance on Western currencies amid geopolitical tensions have played a crucial role in its reserve growth. By 2025, Russia's gold reserves had grown to about 2,330 metric tons, making up over 35% of Russia's total financial reserves.
Domestic gold production has seen strong internal demand, with Russian consumers purchasing 75.6 tons in 2024. Increased precious metals trade with China further supported gold reserve growth.
The management of Russia's international reserves is a shared responsibility between the Central Bank and the government. Western countries froze around $300 billion of Russia's assets as of the beginning of 2023, but this has not deterred Russia's efforts to deepen its financial sovereignty.
Establishing its own gold exchange and increasing bilateral trades with BRICS countries have helped Russia reduce exposure to dollar-based markets. As of July 18, 2023, the size of Russia's international reserves stood at $683.7 billion.
Switzerland came in second with a growth of $131.9 billion in its reserves, while India ranked third with a growth of $118.1 billion. It's important to note that the exact date of the data collection for these rankings is not specified.
In summary, Russia's strategic accumulation of gold and foreign exchange reserves, coupled with internal market demand and strategic shifts in currency holdings, have contributed to its enhanced reserve position globally. This strategic approach has allowed Russia to weather economic challenges and maintain financial independence.
Finances from gold production and increased foreign exchange reserves have significantly contributed to Russia's increased business reserves, making a substantial impact on its ranking globally within the finance sector. By 2025, Russia's gold reserves had grown to approximately 2,330 metric tons, constituting over a third of its total financial reserves.
