Russia's International Reserves Drop $15.1 Billion in One Week to $753.8 Billion

Russia's international reserves decreased by $15.1 billion in a single week, falling to $753.8 billion as of May 22, 2026, according to the Central Bank of Russia. The decline, representing a 2% weekly decrease, was primarily attributed to negative revaluation effects rather than active reserve spending. This marks a continued downward trend from the previous week when reserves stood at $768.9 billion on May 15.

The reserves peaked at $826.8 billion on January 30, 2026, indicating a significant erosion of approximately $73 billion over the roughly four-month period. Russia's international reserves consist of highly liquid foreign assets held by the Bank of Russia and the Russian government, including foreign currency, Special Drawing Rights (SDRs), reserve positions in the International Monetary Fund, and monetary gold.

The decline occurs in the context of Western sanctions imposed following Russia's military operations in Ukraine. These sanctions have severely restricted Russia's ability to manage its reserves, with Western countries freezing substantial portions of Russia's gold and foreign currency holdings. The sanctions regime prohibits all transactions related to reserve management by the regulator and transactions with any legal entity acting on behalf of or at the direction of the Central Bank, fundamentally constraining Russia's financial flexibility.