Russia's international reserves fall $11.8 billion to $720.3 billion on negative revaluation

The Central Bank of Russia attributes the weekly decline largely to valuation effects, reversing a period of modest gains in early July.

By Handelsavisen Newsroom · Automated 6 August 2026, 13:41 UTC · 1 min read

Russia’s international reserves dropped by $11.8 billion in the week ending July 31, 2026, settling at $720.3 billion, according to data released by the Central Bank of Russia on Thursday.

The regulator stated that the decline was driven primarily by negative revaluation effects rather than a direct drawdown of assets.

3 billion remains substantial, the sensitivity to valuation swings highlights the fragility of the buffer against further external shocks.

This marks a sharp reversal from the previous two weeks, during which reserves had posted modest gains of $0.7 billion and $6.5 billion respectively, lifting the total to $722.4 billion by mid-July.

The volatility in reserve levels reflects ongoing pressures on Russia’s external accounts amid sustained geopolitical isolation and fluctuating commodity revenues.

While the absolute level of $720.3 billion remains substantial, the sensitivity to valuation swings highlights the fragility of the buffer against further external shocks.

Traders and analysts will monitor whether the negative revaluation trend persists in the coming weeks, particularly as global currency markets and commodity prices continue to shift.