Bloomberg, 1/20/26

Takeaways by Bloomberg AI

-Russia’s rainy-day reserves grew in 2025 for the first time since President Vladimir Putin launched his full-scale invasion of Ukraine.

-Liquid assets held in the National Wellbeing Fund increased by 7% last year to 4.1 trillion rubles, according to Finance Ministry data.

-The fund remains a key source for offsetting lost oil revenue and financing large-scale infrastructure projects, with the government moving to conserve what remains of its fiscal buffer…

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Russia Gains $216 Billion in Gold Rally, Replacing Lost Assets (Excerpt)

Bloomberg, 1/20/26

Takeaways by Bloomberg AI

-Russia has generated gains from a surge in gold prices since the start of its war in Ukraine, with the value of the Bank of Russia’s gold holdings increasing by more than $216 billion since February 2022.

-The increase in the value of bullion restores most of Russia’s lost financial capacity, even if it doesn’t return the blocked reserves, and gold can still be monetized if needed.

-Russia’s international reserves reached $755 billion at the end of last year, including $326.5 billion held in gold, and the Finance Ministry expects gold prices to keep climbing over the long term to $5,000 an ounce and higher…