Hong Kong imported 112.7 tonnes of Russian-origin gold in the first seven months of 2026, already surpassing the full-year record of 92.1 tonnes set in 2025, according to data from the Hong Kong Census and Statistics Department analyzed by BullionVault. This represents a dramatic increase from the 3.3 tonnes imported in 2021, before Russia’s invasion of Ukraine. Russian gold now accounts for nearly 15% of Hong Kong’s non-monetary gold imports, up from just 0.6% in 2021, illustrating how Western sanctions have rerouted the trade toward China and other Asian markets. The London Bullion Market Association suspended all six Russian gold and silver refiners from its Good Delivery lists in March 2022, effectively closing Western markets to Russian producers. Hong Kong has emerged as a key hub for Russia-China trade, offering direct access to China, the world’s largest gold consumer, as Beijing intensifies its gold buying spree and designates the metal a strategic mineral.
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