FT: Gold Shipments From Russia To Hong Kong Hit A Record High

Since the beginning of 2022, Hong Kong companies have purchased $35 billion worth of gold from Russia.

During the first seven months of 2026, nearly 100 metric tons of gold were imported from Russia to Hong Kong despite Western sanctions—a record high, nearly three times the volume imported during the same period in 2025. This was reported on Sunday, September 6, by the Financial Times.

“Since London closed its doors to Russian gold following the outbreak of the conflict in Ukraine, Russian producers have increasingly been redirecting exports to eastern markets,” explained London Stock Exchange Group analyst Debajit Saha.

The U.S. and the U.K. imposed sanctions on Russian gold bullion following Russia’s invasion of Ukraine. Hong Kong and China have no such restrictions.

Meanwhile, central banks around the world, including those in France and the Netherlands, are also increasingly repatriating gold stored in London and New York.

In July, a pilot implementation of a new clearing system for gold transactions began in Hong Kong. Since the beginning of 2022, Hong Kong companies have purchased Russian gold worth approximately $35 billion (€30 billion).

Hong Kong is facilitating Moscow’s transactions against the backdrop of special Russian-Chinese economic relations, under which Moscow sells resources to Beijing in exchange for economic support, said Gatehouse consultant Vita Spivak.

Most of the gold arriving in Hong Kong ultimately ends up in mainland China, the FT reported.

Russia is the world’s second-largest gold producer after China, and Moscow is increasingly relying on raw material exports—particularly to China—to support its military economy.

In 2024, the U.S. Treasury Department imposed sanctions on several Hong Kong-based organizations for their involvement in “laundering” gold linked to Russia.

The Bank of Russia previously announced that, as of early July, it held 73.4 million troy ounces of gold (2,282 metric tons). Reserves are currently at their lowest level since the invasion of Ukraine in February 2022.

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