Hong Kong imported approximately 100 tonnes of Russian gold from January through July, nearly triple the volume recorded in the same period of 2025, according to Financial Times reporting based on Hong Kong trade statistics. The flow reflects a broader rerouting of Russian bullion to Asian markets after US and UK sanctions imposed following Russia’s 2022 invasion of Ukraine effectively shut Russian gold out of London. Hong Kong and mainland China have become key destinations because neither restricts Russian gold imports. A substantial share of the metal entering Hong Kong moves into China, where import quotas encourage buyers to purchase and store bullion in the city. Since early 2022, Hong Kong-based entities have bought approximately HK$276 billion, or $35.3 billion, of Russian gold. Hong Kong imported 92.1 tonnes in 2025, valued at about HK$82 billion, or $10.5 billion, while China’s direct Russian-gold purchases rose 15-fold to $3.3 billion between 2023 and 2025. Hong Kong is also promoting itself as a regional gold center through a new clearing-system pilot, but financial institutions face heightened exposure to secondary sanctions, money-laundering concerns and difficulties tracing commingled Russian bullion.