Russia ranks sixth in the world in terms of gold reserves, with its holdings exceeding 2,200 tonnes, Bank of Russia Governor Elvira Nabiullina said on September 11.

“We rank sixth in the world in terms of gold reserves, with more than 2,200 tonnes,” Nabiullina said during a meeting of the Central Bank’s board of directors, The Caspian Post reports, citing Izvestia newspaper.

According to Nabiullina, the precious metal is actively used in the production of coins and in operations conducted by Russia’s Finance Ministry. She added that other information concerning its use is not disclosed.

Addressing a slight decline in Russia’s gold holdings, the Bank of Russia governor said the trend runs counter to global developments, given Russia’s leading position in the sector. She noted that countries seeking to increase their gold reserves are effectively trying to catch up with Russia.

The comments come amid growing interest in precious metals among Russian investors, with the number of people investing in the asset class reportedly doubling. The trend has also raised questions about how long the current boom will last and whether the market could experience a decline similar to that recorded in January.

Meanwhile, Russia’s international reserves stood at $769.022 billion as of September 1, 2026, according to a Central Bank report published on August 7. The figure represented an increase of $48.674 billion, or 6.76%, from the beginning of August.