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Hong Kong ousts Dubai as biggest hub for Russian gold trade
By Malaika Kanaaneh Tapper and Eddie Spence
Bloomberg News
Wednesday, November 15, 2023
Shut out of London following the invasion of Ukraine, Russian gold trading switched to Dubai. Now it's shifting again, to the bullion hub of Hong Kong.
The city has long been a key conduit for bullion entering the Chinese mainland -- the world's biggest consumer market -- but since April, Russian shipments surged. Hong Kong imported 68 tons of Russian gold this year, four times as much as the whole of 2022.
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The shift to Hong Kong was driven by U.S. sanctions on Russia's top gold miners, as well as a crackdown by the United Arab Emirates on illicit activities in its bullion market, according to people familiar with the matter.
The move east underlines the challenge faced by the West in curbing resource flows that fund the Kremlin's war machine. ...
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