Hong Kong Becomes Primary Transit Hub for Sanctioned Russian Gold
Russian gold imports into Hong Kong reached nearly 100 tonnes in the first seven months of 2026, tripling the 2025 figure. This surge reflects a strategic shift as Moscow redirects exports away from sanctioned Western hubs like London and Dubai toward Asian markets. Most of this bullion eventually flows into mainland China, which lacks import restrictions on Russian gold. While the trade supports Russia’s wartime economy, it complicates compliance for Western banks and raises concerns about sanctions evasion.