Hong Kong imported 99.71 metric tonnes of Russian gold worth about $14.5 billion in the first seven months of 2026, exceeding the 92.1 tonnes it received during all of 2025. The trade reversal follows Western restrictions on Russian bullion after Moscow's February 2022 invasion of Ukraine, which curtailed established routes through London and redirected supplies toward Hong Kong and Mainland China. Hong Kong entities have bought about HK$276 billion, or roughly $35 billion, of Russian gold since early 2022, with most of the metal continuing to Mainland China. Spot gold traded at around $4,432.56 an ounce in early September, as elevated prices coincided with the increase in Russian shipments. The territory launched a pilot gold clearing system in July 2026 as it seeks a larger role in bullion trading, though the expanding flows have heightened sanctions-compliance concerns for Western banks and refineries.