Hong Kong · China · Russia · Ukraine · U.S. Treasury · Crypto Briefing
Russian gold pours into Hong Kong as Western sanctions reshape global bullion trade
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Hong Kong has surpassed Dubai as the top destination for Russian gold, importing 92.1 tonnes worth roughly $10.5 billion in 2025 alone.
Key facts
- Hong Kong has surpassed Dubai as the top destination for Russian gold, importing 92.1 tonnes worth roughly $10.5 billion in 2025 alone
- Meanwhile, mainland China ramped up its own direct purchases of Russian gold, with imports surging 15-fold to $3.3 billion over the 2023 to 2025 period
- Hong Kong has quietly become the world’s largest recipient of Russian gold, absorbing 92.1 tonnes in 2025, a 42% jump from the prior year
- In 2024, the US Treasury sanctioned multiple Hong Kong-based companies, including VPower Finance Security, for their involvement in facilitating Russian gold transactions
Summary
When the US, UK, and EU slammed sanctions on Russian gold after the 2022 invasion of Ukraine, the metal didn’t stop moving. After the US began targeting Russian gold miners with sanctions in 2023, trade initially rerouted through Dubai. The numbers tell the story clearly. Unlike the US, UK, and EU, Hong Kong imposes no restrictions on Russian gold imports.