Russia's Missing Gold Tonnes Suddenly Appear

GFN – MOSCOW: Russia may have mined as much as 485 metric tons of gold in 2025 and could produce up to 500 tons in 2026, according to estimates released by the country’s Natural Resources Ministry, a figure that has surprised analysts and, if confirmed, would place Russia ahead of China as the world’s largest gold producer.

 

The estimates were disclosed by Natural Resources Minister Alexander Kozlov ahead of the St. Petersburg International Economic Forum. Russia has largely stopped publishing detailed gold production statistics since Western sanctions and bullion market restrictions were imposed following the Ukraine conflict.

According to Kozlov, preliminary calculations suggest Russian gold output reached between 480 and 485 tonnes in 2025, with production expected to range between 480 and 500 tonnes this year. The ministry confirmed the figures refer specifically to mined gold rather than broader production measures.

The numbers have drawn skepticism from mining analysts because publicly available estimates have been significantly lower. The World Gold Council previously estimated Russia mined roughly 330 tonnes in 2024, while independent industry consultants placed output closer to 345 tonnes. A jump toward 500 tonnes would imply an increase of roughly 40% to 50% in only a few years.

Analysts note that few major new mines have entered production recently, making the scale of the reported increase difficult to reconcile with existing industry data. However, the figures highlight the growing strategic importance of gold to Russia as sanctions continue to reshape global commodity markets.

“Gold production will amount to 480-485 tons.”

“The forecast for this year is 480-500 tons of gold.”

If the estimates are accurate, Russia would surpass both its previous production records and China’s reported output of approximately 381 tonnes, reinforcing its position as a dominant force in the global gold market.