Hong Kong Imports 112.7 Tonnes of Russian Gold as Sanctions Reroute Bullion to China
Updated
Updated · CNBC · Oct 6
Hong Kong Imports 112.7 Tonnes of Russian Gold as Sanctions Reroute Bullion to China
2 articles · Updated · CNBC · Oct 6
Summary
112.7 tonnes of Russian-origin gold entered Hong Kong in the first seven months of 2026, already topping the 92.1 tonnes imported in all of 2025.
Western restrictions after Russia's 2022 invasion of Ukraine shut its refiners and bullion out of key markets such as London, pushing flows toward Hong Kong and mainland China.
Russian bullion made up nearly 15% of Hong Kong's non-monetary gold imports this year, up from 0.6% in 2021, with analysts saying most of it is headed to mainland China.
Hong Kong's role is expanding as it adds storage, clearing and trading capacity, using its gateway position to compete with Singapore and serve the world's largest gold-consuming market.
The surge also aligns with China's broader gold buying spree: official holdings rose by more than 40 tonnes in the first half of 2026 as authorities and households increased purchases.