Hong Kong sees record surge in Russian gold imports

Hong Kong has seen a record surge in Russian gold imports, reaching 112.7 tonnes in the first seven months of 2026. This volume surpasses the total recorded for the entire year of 2025, which was 92.1 tonnes. In 2021, prior to the invasion of Ukraine, imports from Russia stood at only 3.3 tonnes.

This shift is attributed to Western sanctions that have restricted Russian access to major markets. In March 2022, the London Bullion Market Association suspended six Russian gold and silver refineries, and subsequent restrictions from the United States, the United Kingdom, and other Western nations closed off traditional trade routes. Previously, between 2019 and 2021, approximately two-thirds of Russia's gold mining production was exported to the United Kingdom.

Russian gold now accounts for nearly 15% of Hong Kong's non-monetary gold imports, up from 0.6% in 2021. Analysts suggest Hong Kong is serving as a critical commercial hub between Russia and mainland China, which has not imposed sanctions and remains the world's largest gold consumer. This influx coincides with China's strategic efforts to increase its own gold reserves.