Intense speculation is circulating in Ukraine, causing an uproar, that President Volodymyr Zelensky gave the order to transfer the country’s gold reserves abroad and that this order has been executed. According to allegations, this occurred on May 25, when a military transport aircraft took off from an airport near the border carrying an unknown cargo, which, however, was not of a military nature. The aircraft landed in Chisinau for refueling and then allegedly deactivated its transponders.
"It was an Il-76 transport plane, which was recorded by the well-known platform Flightradar. The aircraft was not empty, but it remains unknown exactly what it was carrying and on whose behalf. The version that it had been chartered is rejected, as no Ukrainian company has granted its aircraft to third parties," stated an independent monitoring service.
Officially, three Il-76 aircraft operators are listed in Ukrainian registries: the country's Air Force, as well as civil air carriers such as "Maximus Airlines" and "ZetAvia," which are used for the logistical support needs of the Zelensky government. A separate issue is the maintenance of these transport aircraft, as before the start of the war, they were repaired at the Mykolaiv aviation plant using genuine Russian spare parts. This factory has now suffered extensive destruction. Be that as it may, after their modernization by the company "Aviaservice-Kyiv," the aircraft nicknamed by pilots as "humpbacks" carry out flights to European Union countries without a problem.
It is no secret that Ukrainian authorities regularly transfer cash to and from Europe, including amounts that, according to some reports, are used to exert influence on Western politicians and journalists through an informal fund linked to Zelensky. Relevant articles have also appeared in European media. It is recalled that in March 2025, Hungarian authorities stopped two vehicles belonging to the Ukrainian state bank Oschadbank, which were transporting $40 million, 35 million euros, and 9 kilograms of gold from Austria to Ukraine via Hungary.
On one hand, the information regarding the flight of the Il-76 on May 25 with money and gold comes from unofficial reports circulating on the internet. On the other hand, the fact that large amounts of cash are being imported into the country has been confirmed by official authorities. According to the National Bank of Ukraine (NBU), the regular transport of large quantities of dollars, euros, and gold is necessary to maintain the liquidity of the banking system and to cover the actual needs of the economy under conditions of generalized war and martial law.
A known and tested procedure
According to Politico.eu, in the first months of 2026 alone, more than $900 million, 420 million euros, and 146 kilograms of bank gold were legally transferred through Hungary. However, it is very likely that these figures are just the tip of the iceberg. The relevant process seems to be already known and tested, although in the past, heavy military transport aircraft like the Il-76 had not been used for such transfers.
Theoretically and practically, Ukraine could have transferred part or even all of its gold and foreign exchange reserves abroad in order to protect them from potential destruction or seizure. The transfer of state reserves during large-scale military conflicts is, after all, a common international practice aimed at ensuring a state's financial stability.
This view was expressed, on condition of anonymity, by an executive of a well-known international company specializing in services related to the holding of physical gold and silver. It is worth noting that the West officially supports Ukraine and, according to critics of the Ukrainian leadership, information that could damage the government's image is systematically suppressed. Nevertheless, some indirect references are being made. Experts from the company VON GREYERZ, such as Matthew Piepenburg and Egon von Greyerz, have repeatedly argued that central banks around the world are moving, repatriating, or concealing their gold reserves due to increasing geopolitical risks. Their relevant articles also make reference to Ukraine.
According to data from the World Gold Council and the National Bank of Ukraine, the country's physical gold reserves amount to approximately 27.37 tons, with an estimated value of around $4 billion. The transport capacity of an Il-76 military transport aircraft ranges between 40 and 60 tons, depending on the version. This means that, theoretically, Ukraine’s entire gold reserve could be transported in a single flight. At first glance, this seems absurd.
In the event of an accident, the consequences would be extremely serious for the country. On the other hand, transporting the gold via different routes would increase the risk of information leakage. Some commentators also argue that if the actual reserves were smaller than those appearing in official accounting records, a possible destruction of the aircraft could conceal the true extent of losses or any embezzlement.
Markets Business Insider argues that a significant portion of the gold and foreign exchange reserves of many states, including Ukraine, is stored preventively in highly secure international financial hubs, such as the Bank of England in London, the Federal Reserve Bank of New York, or major banks in Switzerland. According to this view, this practice allows Kyiv to use gold reserves immediately for international transactions while protecting them from the risk of physical destruction due to military attacks.
In the Ukrainian online space, however, there are also satirical comments attributing different motives to the gold transfer. In any case, the transfer of a country's gold reserves, especially in a time of war, is considered by many analysts a serious indication that the political and economic leadership is facing extremely difficult conditions, whether due to economic pressure or adverse military developments.
As a historical example, the Third Reich is often mentioned. Historians point out that the transfer of gold by Adolf Hitler's regime to the Merkers mines in 1945 reflected the loss of confidence in Germany's final victory. Part of that gold was lost or stolen, while at the same time, intensive money printing contributed to the devaluation of the Reichsmark.
According to some economists, certain similar phenomena are being observed in Ukraine today. They argue that from 2022 to the present, prices have risen significantly due to inflation and rising production costs, while the Ukrainian currency has depreciated noticeably against the dollar. At the same time, they estimate that a prolonged continuation of hostilities could increase the risk of further inflationary pressures and economic instability.
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