Russia's investments in U.S. government bonds continue to dwindle. As of June 2026, the portfolio volume shrank from $29 million to $27 million, reflecting another round of de-dollarization of national reserves. The U.S. Treasury recorded a decline of $2 million over the month, while the structure of holdings underwent notable changes.
An analysis of the fund distribution shows that the main blow fell on long-term Treasury obligations: their volume dropped from $26 million to $23 million. At the same time, short-term securities, on the contrary, demonstrated growth — from $3 million to $4 million. This dynamic indicates a restructuring of sovereign asset management strategy toward more liquid instruments.
Dynamics of the Russian portfolio
It is important to note that the June decline interrupted a two-month upward trend. In April, the figure stood at $26 million, and in March — at $25 million. However, against the backdrop of historical data, current figures look rather symbolic: in the spring of 2018, the portfolio collapsed from $96 billion to $14.9 billion in just two months.
Notably, the Bank of Russia officially states that it does not hold U.S. Treasury obligations. The current volume is formed exclusively by investments from private individuals and institutional investors. This confirms the thesis that government structures have completely exited American debt, and the remnants are merely a consequence of market players' activity.
Against this backdrop, there is a steady interest among Russians in alternative savings instruments. By the end of July, the volume of exchange-traded gold on the Moscow Exchange exceeded 10.8 tonnes, increasing by almost 2 tonnes since the start of the year. This is a clear signal of private capital reorienting toward safe-haven assets.
Largest holders of government bonds
On a global scale, Japan retained the first place among holders of U.S. government debt in June 2026, growing its portfolio to $1.16 trillion. The second position is held by the United Kingdom with $939.9 billion, and China closes the top three with $633.4 billion.
Against this backdrop, the Russian portfolio looks negligible — the gap with Washington's leading creditors is measured in tens and hundreds of billions of dollars. The inflow of funds from individuals is directed toward other assets: in July, private investors invested 142.9 billion rubles in securities on the Moscow Exchange stock market, and stock purchases grew 1.9 times year-on-year.
My view: Current figures are not just statistics, but a reflection of deep structural changes. The complete abandonment of American debt has become a strategic choice for Russia, and the residual $27 million is merely inertia from past decisions. In the long term, we will see further reductions, as the private sector increasingly explores alternative platforms, including cryptocurrencies and digital financial assets.