Russia continues to use its gold reserves to cover its budget deficit and rising costs of the war in Ukraine. At the same time, the Kremlin is tightening control over the media and freedom of speech on the eve of the State Duma elections in 2026. This is stated in the latest analysis of the Institute for the Study of War (ISW), reports News.bg.
According to data from the Russian Central Bank, the country's gold reserves decreased for the fourth consecutive month in April 2026. The independent publication “The Moscow Times“, citing the World Gold Council, reports that from the beginning of the year to April Russia has lost 27.9 tons of gold - the largest decline since 2002.
Moscow began selling part of its gold reserves in November 2025, while at the same time depleting the liquidity of its sovereign fund to finance military spending.
ISW also notes that the Kremlin seeks to control the information environment and public attitudes before parliamentary elections. According to an investigation by “Medusa“, citing officials from state and pro-government media outlets, the presidential administration has instructed the media to avoid using the word “ban“ and to limit publications about censorship, restrictions and sanctions against freedom of speech.
Instead, the media is encouraged to emphasize the “positive“ initiatives of the ruling “United Russia“ party. The party's general secretary, Vladimir Yakushev, even stated that the formation is not “a party of bans“.
The analysis indicates that restrictions on VPN services, foreign communication platforms and the mobile Internet are already causing discontent among Russian society. Meanwhile, critical military bloggers are being sent to the front or arrested.
ISW also draws attention to the recently concluded joint nuclear exercises between Russia and Belarus, which the institute says show Moscow's growing control over Minsk. The exercises used various types of missiles, including the “Yars“, “Zircon“, “Kinzhal“ and “Iskander-M“.
Russian President Vladimir Putin announced that the next “Union Shield“ exercises are planned for 2027, when a nuclear component may also be included.
According to the analysis, the amendments to the Belarusian constitution in 2022, which abandoned the country's neutral and non-nuclear status, are further evidence of the Kremlin's growing influence over Belarusian politics and security.
At the same time, Ukrainian attacks on Russian energy infrastructure continue to put serious pressure on Moscow's revenues from oil refining. According to “Reuters“, a large part of oil refineries in central Russia have limited or stopped work after attacks by Ukrainian drones.
The affected refineries provide over 30% of gasoline production and about 25% of diesel in Russia. Among them is the “Kirishi“ plant in the Leningrad Region - one of the largest refineries in the country, which, according to information, ceased operation on May 5.
ISW emphasizes that since March 2026, Ukrainian forces have significantly increased the frequency and scale of attacks on Russian oil infrastructure, which limits Russia's ability to benefit from increased oil prices on world markets.