Russia Dumps Gold, Pushes XRP as Sanctions Pressure Mounts

Russia has been selling gold reserves — about 900,000 ounces in the first four months of 2026 — reducing holdings to roughly 73.9 million ounces, the lowest since early 2022. The sales signal fiscal strain from war spending and sanctions and remove a traditional buffer that insulated reserves. At the same time, the Moscow Exchange is broadening crypto-linked products (notably XRP indices and futures, alongside Solana, BNB and TRX), and analysts suggest Russia is testing XRP-based settlement rails to route oil payments outside SWIFT and correspondent banking. Market impact: downward pressure on Russia’s gold buffer and potential upward structural demand/utility for XRP-linked instruments as alternative settlement infrastructure gains prominence; implications for gold liquidity, ruble volatility, and crypto markets are material but uncertain.