In the first seven months of 2026, Hong Kong imported 112.7 tonnes of Russian-origin gold, surpassing the previous record of 92.1 tonnes for all of 2025, according to BullionVault's analysis. This marks a significant increase from just 3.3 tonnes in 2021, prior to Russia's invasion of Ukraine.
Analysts attribute this surge to the rerouting of Russia's gold trade following sanctions that have excluded it from major Western markets. Russian gold now constitutes nearly 15% of Hong Kong's non-monetary gold imports, a dramatic rise from 0.6% in 2021.
Vita Spivak from Gatehouse Advisory Partners noted that Hong Kong has become a crucial hub for Russia-China trade, as China has not imposed sanctions on Russian gold and is the world's largest gold consumer. The London Bullion Market Association's suspension of Russian refiners in March 2022 and subsequent Western restrictions have effectively closed off traditional markets for Russian gold.
Historically, Russia relied heavily on the UK for gold exports, which accounted for about two-thirds of its mine production between 2019 and 2021. Adrian Ash from BullionVault remarked that the increase in Russian gold imports to Hong Kong reflects the strengthening of trade ties between Russia and China.
As Hong Kong enhances its infrastructure for gold trading, it competes with Singapore for dominance in the region. Meanwhile, China is experiencing a broader gold buying trend, with its official gold holdings increasing by over 40 tonnes in the first half of 2026, driven by both the People's Bank of China and consumer demand for gold as a safe asset during uncertain times