1 hour ago
16
Hong Kong imported roughly 100 tonnes of Russian gold in the first seven months of 2026, worth approximately $14.5 billion. That figure doesn’t just set a record. It effectively doubles what Hong Kong bought from Russia in the entire year of 2025.
To put the trajectory in perspective: in 2021, before Western nations sanctioned Moscow over its invasion of Ukraine, Hong Kong imported just 3.3 tonnes of Russian gold. Now it’s pulling in nearly 100 tonnes in half a year.
How sanctions rewired the global gold market
Before 2022, London absorbed roughly 80% of Russia’s gold exports. Then the US and UK banned Russian gold imports following the February 2022 invasion of Ukraine, and those paths went dark overnight.
Russia, the world’s second-largest gold producer, needed new buyers. Hong Kong and mainland China were happy to oblige. Neither jurisdiction joined Western sanctions, and China’s appetite for gold has only grown in the years since.
Cumulative purchases by Hong Kong entities since early 2022 have reached approximately HK$276 billion, or about $35 billion in US dollar terms.
Most of this gold doesn’t stay in Hong Kong. The territory functions as a transit point, with the bulk of Russian bullion continuing onward to mainland China, where strict import quotas and surging consumer demand create a ready market. Hong Kong’s share of China’s total gold imports has climbed sharply as this pipeline has matured.
The numbers tell a compounding story
In 2025, Hong Kong imported 92.1 tonnes of Russian gold for the full year, valued at around $10.5 billion. That itself represented a 42% jump in volume from the prior year.
Now, just seven months into 2026, imports have already hit 99.71 tonnes, nearly tripling the pace of the equivalent period in 2025.
Hong Kong itself is leaning into the opportunity. In July 2026, the territory launched a pilot gold-clearing system designed to enhance its role in global bullion trading and compete more directly with other Asian financial centers.
What this means for gold markets and geopolitics
Central banks globally have been on a gold-buying spree, diversifying reserves away from dollar-denominated assets. China’s central bank has been among the most active purchasers. The flood of Russian gold into Hong Kong feeds directly into this trend, providing a convenient supply source for a country that wants more gold but prefers to acquire it outside Western-dominated trading systems.
For Russia, the arrangement provides a critical revenue stream. Gold exports generate hard currency that helps offset the economic impact of broader financial sanctions. The $35 billion in cumulative sales since 2022 represents meaningful income for an economy under pressure from multiple directions.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
English (US) ·