Hong Kong Emerges as Russia's Gold Gateway to China Amid Record Bullion Flows

Western sanctions have redirected Russian gold exports away from London toward Hong Kong for onward shipment to China and Asian markets. Hong Kong statistics show 112.7 tonnes imported in the first seven months of 2026, surpassing the prior full-year record of 92.1 tonnes in 2025 and just 3.3 tonnes in 2021, lifting the Russian share to nearly 15% of non-monetary imports.