自2022年2月俄乌战争爆发以来，金价大幅上涨使俄罗斯获得了约2160亿美元的账面收益，规模接近其在欧洲被冻结的主权资产。根据计算，俄罗斯央行黄金储备价值增加超过2160亿美元，而欧盟在2023年12月延长冻结了约2100亿欧元（约2440亿美元）的俄方资产。同期，俄罗斯基本未大规模增持或动用黄金储备，尽管其外汇和海外证券因制裁受限。

俄罗斯是全球第二大黄金生产国，年产量超过300吨。金价在2025年上涨约65%，为1979年以来最佳年度表现，并在2026年初升至每盎司4700美元以上。到2025年底，俄罗斯国际储备总额为7550亿美元，其中3265亿美元为黄金，占比43%，而战前仅为21%。自2022年至2025年底，黄金储备价值翻倍以上，而以外币和外国资产形式持有的储备下降约14%。

尽管俄罗斯黄金被排除在伦敦金银市场协会体系之外，限制了在西方市场的流通，但黄金仍具可变现性。财政部预计金价长期将升至每盎司5000美元或更高，并认为全球对储备货币信心下降及资产没收行为推高了需求。央行在2025年底仅小幅动用黄金，持有量下降0.2百万金衡盎司至7480万盎司，用于弥补预算赤字。

Since February 2022, the surge in gold prices has generated roughly $216 billion in valuation gains for Russia, comparable in scale to the sovereign assets frozen in Europe. The value of the central bank’s gold holdings rose by more than $216 billion, while the European Union extended a freeze on about €210 billion ($244 billion) of Russian assets in December 2023. During this period, Russia largely avoided major gold purchases or sales despite losing access to foreign currencies and securities under sanctions.

Russia is the world’s second-largest gold producer, mining over 300 tons annually. Gold gained about 65% in 2025, its strongest yearly rise since 1979, and surpassed $4,700 per ounce in early 2026. By the end of 2025, Russia’s international reserves totaled $755 billion, including $326.5 billion in gold, raising gold’s share to 43% from 21% before the war. From 2022 through 2025, gold reserve values more than doubled, while foreign-currency and foreign-asset reserves fell by about 14%.

Although Russian bullion is excluded from the London Bullion Market Association system, limiting Western market access, gold remains monetizable. The Finance Ministry expects prices to reach $5,000 an ounce or higher long term, citing declining confidence in reserve currencies and asset seizures boosting demand. The central bank drew slightly on gold only in late 2025, with holdings falling by 0.2 million troy ounces to 74.8 million ounces to help finance the budget deficit.