Russia's International Reserves Jump 23.9% in 2025 to a Record $754.9 Billion

Russia's international gold and forex reserves increased by $20.265 billion, or 2.8%, in December 2025, rising from $734.588 billion to a record high of $754.9 billion, according to data published on the Bank of Russia website. The December gain capped a year of rapid accumulation that pushed the country's reserves to their highest level ever recorded.

Over the full year of 2025, reserves grew by $145.785 billion, or 23.9%, from $609.068 billion as of 1 January 2025. The annual increase far exceeded the gains of the two previous years: reserves rose by $10.476 billion in 2024 and by $16.603 billion in 2023.

Gold drove almost the entire annual gain

The value of monetary gold held in the reserves rose by $15.817 billion, or 5.1%, in December to $326.537 billion, also a new maximum. Over the course of 2025 the value of gold increased by $130.830 billion, or 66.8%, from $195.707 billion at the start of the year. The currency component of the reserves, by contrast, grew by a more modest $14.956 billion, or 3.6%, to $428.317 billion from $413.361 billion.

Because the physical volume of gold in the reserves changed only minimally during the year, the rise in gold prices accounted for almost 90% of the total annual increase in the volume of reserves to the record level.

The share of gold in the reserves increased in December to 43.3% from 42.3%, up from 32.1% at the start of 2025. This is the highest share in more than 30 years, since 1 March 1995, when it stood at 43.9%. At that time the total volume of reserves was 132 times smaller than now, at $5.546 billion, and the value of gold within them was 134 times smaller, at $2.436 billion. The lowest share of gold over the entire observation period, for which the Bank of Russia has published reserve data since 1 January 1993, was recorded on 1 July 2007, at less than 2.1%.

Key points of the story:

• Reserves rose by $20.265 billion, or 2.8%, in December 2025 to a record $754.9 billion;
• Over the full year reserves grew by $145.785 billion, or 23.9%, from $609.068 billion;
• The value of monetary gold climbed by $130.830 billion, or 66.8%, to $326.537 billion;
• Higher gold prices provided almost 90% of the annual increase, while the currency component grew by 3.6% to $428.317 billion;
• The gold share reached 43.3%, the highest since 1 March 1995.

Since the sanctions imposed on it by Western countries in 2022, the Bank of Russia has been limited in managing a significant part of its gold and forex reserves. The portion of the reserves consisting of gold and assets denominated in Chinese yuan has not fallen under the restrictions. The main factors behind the dynamics of the reserves are changes in the value of reserve assets as a result of revaluation against the US dollar, as well as operations carried out under the fiscal rule and operations with the funds of the National Wealth Fund.

International reserves are highly liquid foreign assets at the disposal of the Bank of Russia and the government. They consist of foreign currency assets, monetary gold, special drawing rights (SDRs, the reserve asset used by the International Monetary Fund), the reserve position in the IMF and other reserve assets. The record 2025 result underscores how the revaluation of gold has become the dominant force shaping the reserve base of Russia.