Ukraine's Foreign Intelligence Service reported the information.The agency noted that for the regulator, this is a forced move. Gold is effectively becoming a tool to support the ruble, patch up corporate liquidity, and cover budget needs as other resources are rapidly being depleted.Until 2025, the Central Bank of the Russian Federation did not sell gold to commercial market participants. It only accepted it from the Ministry of Finance, building up its own reserves. Now, the regulator is moving to a sell-off, while the National Wealth Fund is rapidly losing liquid assets: from $113.5 billion in 2022 to $51.6 billion in 2025. The volume of gold in the fund's structure has decreased by 57% during this time—from 405.7 tons to 173.1 tons.In 2025, sales volumes could reach $30 billion (about 230 tons of gold), and in 2026, at least $15 billion (115 tons)."Such a large-scale monetization of reserves accelerates the depletion of stocks, which are already under pressure from sanctions and a decline in available currency instruments," the Foreign Intelligence Service emphasized.They add that while the strategy of selling gold may seem to provide a quick way to fuel the budget and maintain the ruble's stability, it creates long-term risks: it deepens the deficit of liquid reserves, makes public finances more dependent on asset sales, and limits opportunities for future interventions."The actual 'eating through' of reserves—including gold, which was considered untouchable for decades—underscores how much Moscow's financial space has narrowed under the pressure of sanctions," the Foreign Intelligence Service concluded.In 2025, 56 of Russia's regions are facing a budget deficit totaling 169.2 billion rubles (about $2.14 billion).