- Hong Kong imported 112.7 tonnes of Russian-origin gold in the first seven months of 2026, exceeding the full-year 2025 record of 92.1 tonnes and the 3.3 tonnes imported in 2021 before Russia's invasion of Ukraine.
- Russian bullion accounted for almost 15% of Hong Kong's non-monetary gold imports in the first seven months of 2026, up from 0.6% in 2021, after the London Bullion Market Association suspended all six Russian gold and silver refiners from its Good Delivery lists in March 2022.
- Hong Kong serves as the gateway for Russian gold into mainland China, the world's largest gold consumer, which has not placed sanctions on Russian gold and has designated gold a strategic mineral.
- China's official gold holdings rose by more than 40 tonnes in H1 2026, more than double the amount purchased a year earlier, as the PBOC and Chinese consumers continue buying bullion.
Quotes
“Hong Kong has emerged as an important hub for Russia-China trade since the full-scale invasion”
“The fact that Hong Kong's official data clearly shows a steep rise in imports of Russian gold reflects the kind of support and bilateral trade for which Putin has repeatedly thanked Xi”
“Hong Kong has always been an important entre-pot for gold going into China”