Hong Kong has emerged as a central hub for the trade of sanctioned Russian gold. In the first seven months of 2026, nearly 100 tonnes of Russian gold were shipped to the territory, which is almost triple the volume recorded during the same period last year.
The increase in shipments aligns with the current high gold prices. As of early September 2026, the spot price of gold was approximately $4,432.56 per ounce. This trend reflects the growing role of Hong Kong as a conduit for Russian bullion facing Western sanctions.
