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Russia Drains Wealth Fund and Sells Gold Reserves to Cover Budget Gap (Video)

(MOSCOW) – Russia is selling gold and foreign currency from its National Wealth Fund at the fastest pace on record as falling oil prices and sanctions erode state revenues and expose the growing financial cost of the war against Ukraine. The Kremlin has long portrayed Russia as economically resilient and shielded from Western sanctions. However, new data show that Moscow is increasingly relying on reserve assets to stabilise the federal budget as energy income declines sharply. Oil and gas revenues,…