Russia's international reserves reached a historical maximum — $833.6 billion

As of February 1, 2026, the international reserves of the Russian Federation reached an absolute historical maximum — $833,572 billion (according to the Bank of Russia).

In January, the volume of reserves increased by $78,719 billion, or 10.43% — this is the record monthly gain in monetary terms in recent years. Gold accounted for half of the reserves.

The main driver of growth was the positive revaluation of assets, primarily monetary gold. As of February 1, 2026, gold's share in the Central Bank of Russia's reserves reached 48% ($402.7 billion) compared to 43% ($326.5 billion) at the beginning of the year and only 31% ($206.5 billion) a year earlier. In physical terms, the gold volume amounted to 74.5 million troy ounces (about 2.32 thousand tons).

The spot gold price at the end of January reached a historical maximum — $5595 per ounce, although by mid-February it corrected to $4982. This surge provided Russia's reserves with a $76.2 billion increase in one month solely due to the revaluation of precious metals.

The reserve growth looks all the more impressive given that since 2022, around $300 billion in Russian assets have been frozen in Western jurisdictions. Despite this, over the year from February 1, 2025, reserves increased by $212.8 billion — from $620.8 billion to the current $833.6 billion.

Fig. 1. Dynamics of the Russian Federation's international reserves in 2026, billion $.

Record international reserves are forming against the backdrop of a decline in Russia's oil and gas budget revenues — in January 2026, they fell by 50.2% year-on-year. This creates a paradoxical situation: the budget faces a deficit of 1.7 trillion rubles, while the Central Bank of Russia is building up its gold and foreign currency reserves. According to analysts and experts, the high level of reserves provides a solid foundation for the ruble exchange rate and the country's balance of payments in the current situation. However, gold price volatility means that the value of reserves may fluctuate significantly depending on global market conditions.

Author: Doctor of Economic Sciences, Professor of the Department of World Economy and World Finance at the Financial University under the Government of the Russian Federation, Bunich Gалина Alekseevna.