7th September 2026 – (Hong Kong) Hong Kong has emerged as a central clearing point for Russian bullion moving to mainland China following western sanctions imposed after Moscow’s full‑scale invasion of Ukraine in 2022. Trade figures cited by the Financial Times indicate shipments from Russia to Hong Kong reached almost 100 tonnes in the first seven months of this year, including 99.71 tonnes, nearly triple the volume recorded a year earlier. The surge has lifted Hong Kong’s share of China’s total gold imports to more than 20 per cent last year, underscoring the city’s growing role in Sino‑Russian trade.
Russia, the world’s second‑largest gold producer after China, previously relied heavily on London for gold trading. With western markets closed to Russian bullion under sanctions led by the United States and Britain, flows have shifted east, and Hong Kong—outside the sanctions regime followed by western allies—has become a principal route. Since early 2022, Hong Kong has imported about HK$276 billion worth of Russian gold, reflecting the deepening commodity ties that are supporting Russia’s wartime economy.
The rapid expansion in trade also heightens compliance exposure.
