Key facts
- Russia's Natural Resources Ministry claims 2025 gold production will be between 480 and 500 tonnes.
- The ministry stated 2024 output was approximately 480 tonnes.
- These figures would place Russia's output above China's 2024 production of roughly 380 tonnes.
- Independent estimates for Russia's 2024 output ranged from 330 to 360 tonnes.
- Russia has not released official gold production data since its 2022 invasion of Ukraine.
Russia's Natural Resources Ministry has claimed that the country produced between 480 and 500 tonnes of gold in 2025, and approximately 480 tonnes in 2024. If confirmed, these figures would surpass China's 2024 output of around 380 tonnes and significantly exceed independent estimates, which placed Russia's 2024 production between 330 and 360 tonnes. Natural Resources Minister Alexander Kozlov disclosed these figures to the state-run news agency Tass. Russia has not published official gold production data since its 2022 invasion of Ukraine. The disclosure comes amid renewed budgetary pressure on Moscow, with reports suggesting the Bank of Russia may have raised over $4 billion by selling about 28 tonnes from its gold reserves this year. Historical data also indicated a gap of 50 to 60 tonnes annually between Russia's stated total gold supply and mine output through 2021. The claims suggest a substantial increase in output without any major new mines entering production.