Russian gold floods Hong Kong as Western sanctions redraw bullion trade

KRASNOYARSK, RUSSIA - JUNE 16: A view of the production of silver granules and gold ingots in Krasnoyarsk, Russia on June 16, 2026. Krastsvetmet (Krasnoyarsk Non-Ferrous Metals Plant named after V.N. Gulidov) is one of the world's largest producers of eight precious metals and their products. It processes all types of mineral and secondary raw materials. Krastsvetmet's products meet international standards and are included in 'Good Delivery' lists (high delivery quality) on international markets. (Photo by Alexander Manzyuk/Anadolu via Getty Images)Anadolu | Anadolu | Getty ImagesRussian gold is pouring into Hong Kong at a record pace, highlighting how Western sanctions have rerouted bullion bound for London toward China and other Asian markets. Hong Kong imported 112.7 tonnes of Russian-origin gold in the first seven months of 2026, according to precious metals investment firm BullionVault's analysis of data from the Hong Kong Census and Statistics Department. Imports have already surpassed the record 92.1 tonnes imported during all of 2025, and compares with just 3.3 tonnes in 2021, before Russia's invasion of Ukraine. The surge underscores how Russia's gold trade has been rerout...