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.
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.
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