The Central Bank of Russia reduced its gold reserves by 12 tonnes (200,000 ounces) in April. This marks the fourth consecutive monthly decline for the institution.
Total holdings have dropped to 73.9 million ounces. This represents the sharpest four-month reduction in Russian gold reserves since 2002.
The Kremlin is liquidating these assets to cover a 4.6 trillion ruble budget deficit driven by military costs.
Spot gold prices settled near $4,515 per ounce on May 22. This price point represents the lowest weekend close since January.