Shipments hit record high with almost 100 tonnes imported from Russia in first seven months of this year

Russian gold shipments to Hong Kong have surged this year as the Chinese territory becomes a top trading centre for bullion placed under sanctions by the west.

The shift comes at a time when Asian hubs are vying to control more of the global gold trade that has traditionally centred on London, New York and Dubai.

Hong Kong trade data shows that almost 100 tonnes of gold were imported from Russia during the first seven months of this year, a record level and nearly three times the amount imported during the same period in 2025.

“Since London closed its doors to Russian gold following the outbreak of the Ukraine conflict, Russian producers have increasingly redirected exports to eastern markets,” said Debajit Saha, analyst at the London Stock Exchange Group.

Russian gold exports to Hong Kong have been on the rise since 2022, when Moscow launched its full-scale invasion of Ukraine and the US and UK placed sanctions on Russian bullion. Hong Kong and China have no such restrictions.

At the same time, a growing number of global central banks are starting to repatriate gold stored in London and New York, including France and the Netherlands.

Sources: Financial Times