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Russian gold floods through Hong Kong following Western sanctions
By William Sandlund and Haohsiang Ko
Financial Times, London
Sunday, September 6, 2026
Russian gold shipments to Hong Kong have surged this year as the Chinese territory becomes a top trading centre for bullion placed under sanctions by the West.
The shift comes at a time when Asian hubs are vying to control more of the global gold trade that has traditionally centred on London, New York, and Dubai.
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Hong Kong trade data shows that almost 100 tonnes of gold were imported from Russia during the first seven months of this year, a record level and nearly three times the amount imported during the same period in 2025.
"Since London closed its doors to Russian gold following the outbreak of the Ukraine conflict, Russian producers have increasingly redirected exports to Eastern markets," said Debajit Saha, analyst at the London Stock Exchange Group. ...
China is the largest producer and consumer of gold, and Hong Kong has been positioning itself as a key bullion trading hub. The city began piloting a new gold clearing system in July.
Hong Kong's role in facilitating Russian gold flows into China is a "consequence of the Russia-China economic relationship," whereby Moscow sells resources to Beijing in exchange for economic support, said Vita Spivak, a consultant at UK-based geopolitical advisory firm Gatehouse. ...
... For the remainder of the report:
https://www.ft.com/content/39b0c966-b153-4706-9325-2f6176ba3752
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