Russian gold is flooding into Hong Kong in volumes never seen before, as Western sanctions redraw the map of the bullion trade.
Shipments from Russia to Hong Kong reached nearly 100 tonnes in the first seven months of 2026 — almost triple the same period in 2025, according to Hong Kong trade data reported by the Financial Times. Since the US and UK imposed sanctions after the 2022 invasion, effectively shutting London to Russian bullion, producers have redirected exports to Asia; Hong Kong entities have bought about HK$276 billion (roughly $35 billion) of Russian gold since early 2022.
Much of it ultimately feeds mainland Chinese demand: LSEG analyst Debajit Saha notes that with mainland import quotas in place, Chinese buyers often purchase in Hong Kong, lifting the city’s share of China’s gold imports above 20% last year.
The figures were reported by the Financial Times and covered by CNBC.
