The Russian gold trade began heading to Hong Kong’s precious metal center after overtaking Dubai.
Hong Kong has long been a major channel of gold entry into the Chinese mainland, the world’s largest consumer market, but since April, the volume of Russian shipments has risen.
Hong Kong imported 68 tons of Russian gold this year, four times its imports during the whole of 2022.
The shift of Russian gold trade to Hong Kong is attributable to U.S. sanctions on major gold mining companies in Russia, as well as a crackdown by the United Arab Emirates on illegal activities in the yellow metal market.
Prior to the Ukraine War, Russia’s exports, the world’s second-largest producer, were shipped almost entirely to coffers in London, the world’s gold bullion trading center. But the Kremlin war made Russian gold a taboo in the main sector, even before a formal import ban was imposed by the Group of Seven major industrialized nations and the European Union.
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