Hong Kong has become the world’s largest recipient of Russian gold, importing 92.1 tonnes in 2025 alone, a 42% jump from the prior year. These imports are valued at roughly $10.5 billion, double the levels seen before the Western sanctions imposed after the 2022 invasion of Ukraine. After initially routing through Dubai, Russian gold flows shifted to Hong Kong by late 2023 due to stricter regulations in the UAE. Mainland China also ramped up direct purchases of Russian gold, surging 15-fold to $3.3 billion between 2023 and 2025. In 2024, the US Treasury sanctioned several Hong Kong-based companies for their role in these transactions, yet Hong Kong maintains its unrestricted stance on Russian gold imports.
Source: Read the original article
