Hong Kong imported 112.7 tonnes of Russian-origin gold in January–July 2026, more than in all of 2025. BullionVault’s analysis puts Russian metal at 14.7% of the city’s non-monetary gold imports.
Trade data from Hong Kong’s Census and Statistics Department, analyzed by BullionVault and reported by CNBC, show a sharp rise in shipments. Hong Kong imported 112.7 tonnes of Russian-origin gold in the first seven months of 2026. That exceeded the record 92.1 tonnes imported during all of 2025 and was well above the 3.3 tonnes recorded in 2021.
Russian gold’s share of Hong Kong’s non-monetary gold imports increased from 0.6% in 2021 to nearly 15% in January–July 2026. Analysts link the shift in trade flows to Western restrictions, after which Russian shipments were redirected toward Hong Kong and other Asian markets.
Vita Spivak, a senior adviser at Gatehouse Advisory Partners, described Hong Kong as an important hub for trade between Russia and China. She said much of the metal goes on to mainland China, which has not sanctioned Russian gold. Rhona O’Connell of StoneX said Hong Kong has long served as a transit point for gold entering China and competes with Shanghai and Singapore for a leading regional role.
In 2022, the London Bullion Market Association suspended Good Delivery status for Russian refineries. The United Kingdom later imposed restrictions on Russian banks, while the United States and European Union banned imports of Russian gold. Moscow considers the sanctions illegal. Kremlin spokesman Dmitry Peskov has acknowledged that the measures have had a negative effect, while saying Russia has built experience in limiting their impact.