Russian gold floods Hong Kong as Western sanctions redraw bullion trade
The surge underscores how Russia's gold trade has been rerouted after its invasion of Ukraine in 2022 shut its producers out of major Western markets.
TL;DR
- Hong Kong imported 112.7 tonnes of Russian gold in the first seven months of 2026, a new record.
- This surge is attributed to Western sanctions on Russian gold following the 2022 invasion of Ukraine.
- London markets, once a major destination for Russian gold, suspended Russian refiners in March 2022.
- Hong Kong acts as a key hub for Russian gold exports to mainland China, the world's largest gold consumer.
- China is experiencing a broad gold buying trend, with both consumers and the People's Bank of China increasing their gold holdings.