Hong Kong’s Russian gold imports triple to record in 2026

Hong Kong imported close to 100 metric tonnes of Russian gold in the first seven months of 2026, a record for the period and roughly triple the volume shipped during the same stretch last year, according to a Financial Times report published on September 6 based on Hong Kong trade data. The surge underscores how Western sanctions imposed after Russia's full-scale invasion of Ukraine in 2022 have rerouted the country's bullion trade eastward rather than curtailing it.thestandard+1

A New Gold Corridor

Since the London Bullion Market Association suspended all six Russian gold and silver refiners from its Good Delivery Lists in March 2022, effectively shutting Moscow out of the world's largest physical bullion market, Russia has sought alternative buyers. Dubai initially served as the main conduit, but after the Financial Action Task Force added the UAE to its grey list and Emirati regulators tightened controls on cash gold payments, Hong Kong took over as the primary route by late 2023.thedeepdive+1

The territory did not join the bans the US, UK, and EU placed on Russian bullion. Gold enters Hong Kong duty-free with minimal customs fees. By 2025, Hong Kong had overtaken Dubai outright, importing 92.1 tonnes of Russian gold that year, a haul worth roughly $10.5 billion and 42% above 2024's total. Seven months into 2026, it has already surpassed that full-year figure. Since early 2022, Hong Kong entities have purchased approximately $35 billion worth of Russian gold.bullionvault+4

Broader Bullion Boom

The Russian shipments are part of a wider increase in gold flows through the city. Hong Kong imported nearly 766 tonnes of non-monetary gold in the first seven months of 2026, putting it on pace to exceed the recent annual high of 974 tonnes set in 2023. Hong Kong's share of China's total gold imports has climbed above 20%, according to the Financial Times. The People's Bank of China reported on Monday that its gold reserves rose by 20 tonnes in August to 2,387 tonnes, marking 22 consecutive months of additions.dimsumdaily+2

Sanctions Risks Mount

The escalating volumes carry compliance hazards. The US Treasury has already sanctioned several Hong Kong firms, including VPower Finance Security, over their role in Russian gold transactions. Western banks, refiners, and logistics companies operating in Hong Kong could face secondary sanctions exposure if their local counterparties handle Russian bullion. The risk of commingling — where Russian gold is mixed with bullion from unsanctioned sources further down the supply chain — remains a concern. "There would be exposure for indirectly dealing with that sanctioned producer," sanctions specialist Tan Albayrak told the Financial Times.thenews+2