Hong Kong imported 112.7 tonnes of gold of Russian origin in January–July 2026 — a record volume that has already exceeded the 92.1 tonnes imported during all of 2025. CNBC reports this, citing BullionVault's analysis of data from Hong Kong's Census and Statistics Department.
For comparison, in 2021, before Russia's full-scale invasion of Ukraine, Hong Kong imported only 3.3 tonnes of Russian gold. During the first seven months of 2026, Russian metal accounted for nearly 15% of Hong Kong's non-monetary gold imports, compared with 0.6% in 2021.
Analysts link the increase in supplies to the rerouting of Russia's gold trade after Western restrictions were imposed. In March 2022, the London Bullion Market Association removed all six Russian refiners working with gold and silver from its Good Delivery lists. The United States, the United Kingdom and other Western countries subsequently also imposed restrictions on Russian gold.
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Before the start of Russia's full-scale war against Ukraine, its gold mining industry depended significantly on the London market: in 2019–2021, gold exports to the United Kingdom were equivalent to roughly two-thirds of the country's production, BullionVault notes.
Vita Spivak, a senior consultant at Gatehouse Advisory Partners, said that Hong Kong became an important trade hub between Russia and China after the start of the full-scale invasion. According to her, most of the gold goes to mainland China, which has not imposed sanctions on Russian gold.
Hong Kong has traditionally served as a channel for gold supplies to China, the world's largest consumer of the metal. The city is also expanding infrastructure for the storage, clearing and trading of precious metals. Against the backdrop of these flows, China is increasing its gold purchases: according to S&P Global, the country's official gold reserves rose by more than 40 tonnes in the first half of 2026, more than twice the figure for the same period last year.
