Russian gold exports to Hong Kong hit record 100 tonnes in 2026

September 6, 2026 at 04:44 PM2 min

This digest was compiled by AI from multiple sources — links to the originals are below.

Russia exported nearly 100 tonnes of gold to Hong Kong in the first seven months of 2026, a record nearly triple the volume from the same period in 2025. The surge comes as Western sanctions push Russian producers to redirect bullion to eastern markets. Hong Kong companies have bought about $35 billion of Russian gold since early 2022.

Key Facts

Russia exported nearly 100 tonnes of gold to Hong Kong in January–July 2026, almost three times the volume for the same period in 2025.
Hong Kong companies have purchased about $35 billion (€30 billion) of Russian gold since early 2022.
Russia is the world's second-largest gold producer after China.
The Russian central bank held 73.4 million troy ounces (2,282 tonnes) of gold as of early July, the lowest level since the February 2022 invasion of Ukraine.

Record Gold Flows

Nearly 100 tonnes of Russian gold were imported into Hong Kong in the first seven months of 2026, a record level almost three times higher than the same period in 2025. The Financial Times reported the figures on Sunday, September 6. Since London closed its doors to Russian gold after the start of the Ukraine conflict, Russian producers have increasingly redirected exports to eastern markets, according to Debajit Saha, an analyst at London Stock Exchange Group. The United States and Britain imposed sanctions on Russian gold bullion after the war began, while Hong Kong and China have no such restrictions.

Hong Kong's Role

Hong Kong companies have bought about $35 billion (€30 billion) of Russian gold since early 2022. In July, Hong Kong began piloting a new clearing system for gold transactions. Most of the gold entering Hong Kong ultimately reaches mainland China, the FT reported. Hong Kong facilitates Moscow's operations amid special Russian-Chinese economic relations, in which Moscow sells resources to Beijing in exchange for economic support, said Vita Spivak, a consultant at Gatehouse.

Sanctions and Reserves

In 2024, the U.S. Treasury imposed sanctions on several Hong Kong organizations for their involvement in gold laundering linked to Russia. The Russian central bank held 73.4 million troy ounces (2,282 tonnes) of gold as of early July, the lowest level since the February 2022 invasion of Ukraine. Central banks worldwide, including in France and the Netherlands, are increasingly repatriating gold stored in London and New York.