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Russian Gold Finds New Route to China Through Hong Kong
After Russia invaded Ukraine in 2022, Western countries restricted trade in Russian gold.
This made it harder for Russian gold producers to sell to traditional markets such as London.
They began looking for other buyers.
Hong Kong has become an important route for Russian gold to reach mainland China.
The city has places and services for trading, storing and clearing gold.
China has not placed sanctions on Russian gold.
Chinese demand for gold is also strong.
China’s official gold holdings grew by more than 40 tonnes in the first half of 2026.
These changes are shifting where gold is bought and sold.
Hong Kong imported 112.7 tonnes of Russian gold from January through July 2026, nearly 15% of its non-monetary gold imports.
Russian gold made up just 0.6% of Hong Kong’s non-monetary gold imports in 2021; imports that year totaled 3.3 tonnes.
Western sanctions following Russia’s 2022 invasion of Ukraine restricted Russian gold exports to traditional markets, including London.
The London Bullion Market Association suspended six Russian refiners from its Good Delivery lists in March 2022.
Hong Kong’s bullion infrastructure helps channel Russian gold toward mainland China, where official gold holdings rose by more than 40 tonnes in the first half of 2026.
- Who
- Russian gold producers, Hong Kong bullion traders, and buyers in mainland China.
- What
- Russian gold exports have increasingly moved through Hong Kong toward mainland China.
- Where
- Hong Kong, with mainland China as a major destination.
- When
- The shift followed Russia’s 2022 invasion of Ukraine; Hong Kong imported 112.7 tonnes of Russian gold from January through July 2026.
- Why
- Western sanctions curtailed access to traditional markets, while China’s demand for gold remained strong.
Key facts
- Russian gold imported by Hong Kong
- 112.7 tonnes, January–July 2026
- Share of Hong Kong non-monetary gold imports
- Nearly 15% from Russia in January–July 2026
- Russian gold imports in 2021
- 3.3 tonnes; 0.6% of Hong Kong’s non-monetary gold imports
- Russian gold imports in 2025
- 92.1 tonnes for the full year
- Russian refiners suspended
- Six refiners were suspended from the LBMA Good Delivery lists in March 2022
- China’s official gold purchases
- More than 40 tonnes in the first half of 2026
- Hong Kong’s role
- A bullion-trading, storage and clearing hub and a gateway to mainland China
Quotes
Vita Spivak
Senior consultant at Gatehouse Advisory Partners
“Most gold goes to Mainland China as it hasn’t placed sanctions on Russian gold”
businesstoday.in
Sources
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