# Russian gold trade and reserve management > Live situation record from CLSTR: https://clstr.news/situations/russian-gold-trade-and-reserve-management > Updated: 2026-09-12T05:30:00.000Z. Sources: 13. Developments: 2. Russia has significantly altered its gold trade and reserve management in response to Western sanctions. To bypass the closure of major Western bullion markets like London, Russia has rerouted its gold exports through Hong Kong. In the first seven months of 2026, nearly 100 tonnes of Russian gold entered Hong Kong, a volume nearly triple the pace of 2025. Hong Kong serves as a critical intermediary and logistics hub, allowing entities to purchase and store bullion before it moves into mainland China. Simultaneously, the Central Bank of Russia has engaged in large-scale liquidations to address a growing federal budget deficit and foreign currency liquidity shortages. During the second quarter of 2026, Russia became the world’s largest seller of gold among central banks, selling 21.77 tonnes. Between January and July, total sales reached 49.7 tonnes, the largest such operation since 1998. Consequently, Russian gold reserves fell to 73.2 million troy ounces by August 1, 2026, representing the lowest level since 2020. ## Timeline ### 2026-09-12: Russia becomes world's top central bank gold seller Russia has become the world's top central bank gold seller, liquidating 49.7 tonnes between January and July to fund a rising budget deficit and address liquidity shortages. 2 sources. https://clstr.news/cluster/russia-becomes-worlds-top-central-bank-gold-seller ### 2026-09-06: Russia reroutes gold exports through Hong Kong to bypass sanctions Russia has moved nearly 100 tonnes of gold through Hong Kong in the first seven months of 2026, a record pace used to bypass Western sanctions and reach Asian markets. 11 sources. https://clstr.news/cluster/russia-routes-record-gold-volumes-through-hong-kong-to-bypass-sanctions --- Cite as: Russian gold trade and reserve management. CLSTR, https://clstr.news/situations/russian-gold-trade-and-reserve-management