Russia’s gold exports have found a durable workaround since Western sanctions hit in 2022. Hong Kong took in close to 100 tonnes of Russian bullion in the first seven months of 2026 alone, a record for the period and roughly triple what it imported over the same stretch a year earlier, with total purchases since 2022 now running to roughly $35 billion.
In 2021, before the invasion, the UK bought roughly 80% of Russia’s gold exports and Hong Kong took less than half a percent, according to a Senate letter pressing the Treasury and State Departments for stronger enforcement.
Washington’s 2023 sanctions targeted Polyus, the country’s top gold producer and fourth-largest globally, and Russian shipments were first rerouted through Dubai. That didn’t last either — the Financial Action Task Force added the UAE to its grey list, and Emirati regulators clamped down on cash gold payments. This was when Hong Kong took over as the main route by late 2023.
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By 2025, Hong Kong had overtaken Dubai outright, with the territory taking in 92.1 tonnes of Russian gold that year, a haul worth close to $10.5 billion and 42% above 2024’s total. Seven months into 2026, Hong Kong has already imported more Russian gold than it did in all of 2025.
The territory did not sign on to the ban the US, UK and EU placed on Russian bullion. It enters Hong Kong duty-free, and customs fees stay minimal. The US Treasury has already targeted a handful of Hong Kong firms with sanctions over their role in Russian gold transactions, VPower Finance Security among them.
Western banks or refiners could face exposure of their own if traders mix Russian bullion in with gold from unrestricted sources further down the chain — “there would be exposure for indirectly dealing with that sanctioned producer,” sanctions specialist Tan Albayrak said.
Russia’s central bank gold stockpile stood at 73.4 million troy ounces as of early July — about 2,282 metric tons, the smallest total held since the war began in February 2022. Central banks globally are meanwhile on their biggest gold-buying spree ever recorded, having purchased 244 tonnes in the first three months of 2026 alone at a cost of $37 billion.
