Russian Gold Shifts to Hong Kong: First Seven Months Imports Hit 112.7 Tons, Surpassing All of Last Year

Tue Oct 06 2026

Western sanctions are reshaping the global gold trade map. BullionVault's analysis of Hong Kong Census and Statistics Department data shows that Hong Kong imported 112.7 tons of Russian gold in the first seven months of 2026, surpassing the full-year 2025 record of 92.1 tons and far exceeding the pre-war 2021 figure of 3.3 tons.

Russian bullion now accounts for nearly 15% of Hong Kong's non-monetary gold imports, compared with just 0.6% in 2021. This reflects a major restructuring of Russian gold trade routes. After Russia's full-scale invasion of Ukraine in 2022, Russian gold producers were shut out of major Western markets. The London Bullion Market Association (LBMA) removed all six Russian gold and silver refiners from its Good Delivery list in March 2022, while the US, UK and other Western nations subsequently imposed restrictions on Russian gold.

Between 2019 and 2021, Russian gold exports to the UK were equivalent to roughly two-thirds of Russia's mine output, highlighting the industry's dependence on the London market before the war.

Adrian Ash, head of research at BullionVault, said Hong Kong's official data clearly shows a surge in Russian gold imports and reflects the bilateral trade between Russia and China. Russian gold exports to the UK and other Western-sanctioned countries have visibly collapsed.

Hong Kong's Shifting Role

Hong Kong has long served as an important gateway for gold entering mainland China and is now becoming a major channel for Russian gold flowing into Asia.

Vita Spivak, senior advisor at Gatehouse Advisory Partners, said Hong Kong has become a vital hub for Russia-China trade since the full-scale invasion. Most of the gold flows through Hong Kong to mainland China, which has not imposed sanctions on Russian gold.

Hong Kong also provides access to the world's largest gold consumer market while helping facilitate gold trade outside Western sanctions. Rhona O'Connell, head of market analysis for EMEA and Asia at StoneX, said Hong Kong has historically been an important entrepôt for gold entering China.

Although Shanghai has gained market share in recent years, Hong Kong is competing with Singapore for gold-hub status and leads by roughly six months in infrastructure development.

Hong Kong is expanding its storage, settlement and trading infrastructure to handle increasing gold flows. However, S&P Global noted that Beijing has opened other import hubs, including Shenzhen and Beijing, reducing Hong Kong's share of Chinese gold imports.

Rising Chinese Gold Demand

The Russian gold inflow is occurring alongside broader gold-buying demand in China.

China has designated gold as a "strategic mineral" and is promoting physical gold as a store of value for household assets. The People's Bank of China is also continuing to increase its gold reserves.

S&P Global data shows that China's official gold holdings increased by more than 40 tons in the first half of 2026, more than double the increase during the same period last year.

Charles Chang, head of Greater China corporate business at S&P Global Ratings, said both the People's Bank of China and Chinese consumers have been purchasing gold in large quantities. During periods of heightened uncertainty, consumers tend to protect their savings, with gold viewed as one such instrument.

Impact Analysis

The shift in Russian gold trade routes represents a structural adjustment in the global precious-metals market caused by geopolitical pressure.

While London's position as the traditional global gold-trading centre is unlikely to be displaced in the short term, the importance of Hong Kong and other Asian markets is increasing.

For Hong Kong, Russian gold flows provide additional momentum to strengthen its position as a regional gold-trading hub, although they also create compliance and regulatory challenges.

For Russia, Hong Kong provides a route to bypass Western sanctions and allows its gold industry to maintain export revenues.

For China, the increased Russian gold flow fits with its strategy of expanding gold reserves while meeting domestic demand for physical gold as a store of value.

The article concludes that Asia is gradually becoming the core destination for Russian gold trade, and this trend is expected to continue in the near term.

Key figures

Year	Hong Kong imports of Russian gold	Share of Hong Kong non-monetary gold imports
2021	3.3 tons	0.6%
2025	92.1 tons	—
2026, first 7 months	112.7 tons	Nearly 15%

Source: BullionVault's analysis of Hong Kong Census and Statistics Department figures. The source did not disclose the 2025 share.