Russia’s Gold Reserve Depletion Signals Mid-2026 Financial Crisis as War Costs Surpass Oil Revenue

TLDR: Russia’s National Wealth Fund has contracted from $113 billion to $50 billion, with liquid reserves projected to deplete by mid-2026.  Military expenditures now exceed total oil and gas revenue as energy income dropped 22% annually and 34% in November alone.  The budget deficit was revised from 1.2 trillion rubles to 5.7 trillion rubles, representing [...]

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