Russia’s central bank reserves fell to $797.5bn, down from $826.8bn.
That is a $29.3bn drop from the prior level.
Russia’s foreign reserves are falling fast—down more than $29bn. This likely means the central bank is selling dollars to slow the ruble’s decline. As a result, we should expect more volatility in USD/RUB in the coming weeks.
This pressure likely reflects weaker energy markets. Brent crude has recently dropped to around $75 a barrel, from above $90 in mid-2025. Lower oil and gas revenue reduces foreign-currency inflows, which can force the government to use its reserves. We have seen similar stress before, when weak commodity prices in 2014 and 2020 put pressure on Russia’s finances.
For traders, this may create an opportunity to position for further ruble weakness, or at least continued choppy trading. We should consider buying USD/RUB call options, or buying RUB put options, to benefit if the ruble falls further. Recent data shows USD/RUB has already tested 115 this month, up sharply from the roughly 95 average seen through much of 2025.
This reserve drawdown is not only a currency issue. It can also signal rising geopolitical risk. A state under financial stress may behave less predictably. This may be one reason the VIX is holding above 20, a clear shift from the calmer markets seen last year. We should consider exposure to derivatives linked to global volatility indexes as a hedge against sudden global shocks.
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