Russia Shipped a Record 165 Tonnes of Gold to Hong Kong

Key Takeaways

• Even with Western sanctions in place, Russian gold is finding its way to Asia in record volumes.
• Russia's central bank is selling gold from its reserves as the country's budget is strained.
• Central banks as a whole are buying more gold this year, not less.
• The effect of the sanctions has been to change where Russian gold is traded. Buyers for Russian gold can still be found.

The Details

From January to September 2026, 165 tonnes of gold bars of Russian origin were delivered to Hong Kong. This is over three times the amount that was delivered over the same period last year, according to customs data analysed by the Center for Economic Forecasting at Gazprombank and reported by The Moscow Times on 9 November 2026.

To put that in perspective, Hong Kong imported 3.3 tonnes of Russian gold in the entire year of 2021, according to the same report.

Russian-origin gold now comprises around 15% of all gold imported to mainland China via Hong Kong. This is approximately one in every seven gold bars, according to the Gazprombank analysis.

Why is Russian Gold Going to Hong Kong?

Gold of Russian origin has made its way to Asia as its former trade routes have been shut since 2022:

• London: The London Bullion Market Association (LBMA) suspended Russian refiners from the LBMA's Good Delivery List on 7 March 2022. This effectively barred them from participating in the main wholesale gold market.
• Import Bans: In June 2022, the UK, US, Japan and Canada announced they would ban the import of newly mined Russian gold.
• Dubai: The UAE was one of the first alternative hubs for Russian gold, but it has also tightened its oversight of the gold trading sector due to pressure from the US and UK, according to The Moscow Times.

Hong Kong has become a key hub for Russian gold exports as it is a free port with no gold duties or VAT and direct access to mainland China, which has not put sanctions on Russian bullion, according to Gazprombank's analysis.

The Bank of Russia Is Selling Too

The Bank of Russia reported a 19-tonne decline in its gold holdings in Q3 2026. The World Gold Council referred to it as "the only sizeable reduction reported during the quarter" by any central bank.

The Moscow Times reports that the Bank of Russia has sold some 60 tonnes of gold so far this year. In Q2, the central bank sold 21.8 tonnes of gold. It sold another 18.7 tonnes in Q3. This is said to be Russia's largest sale of gold since the 1998 financial crisis.

UNITED24 Media reports that the gold sales from the central bank are related to the Finance Ministry using the National Wealth Fund to cover the deficit in the federal budget. The Moscow Times reported that around a third of the gold sent to China may have come from central bank reserves. However, the exact amount and the destinations of the gold have not been independently established, UNITED24 reports.

Other central banks are buying gold too

According to the World Gold Council, central banks were net buyers of 321 tonnes of gold in Q3 2026. This was a 42% increase on the same quarter last year and the highest quarterly level of gold buying since Q4 2024. The largest central bank gold buyers in Q3 were the People's Bank of China (63 tonnes) and National Bank of Poland (40 tonnes). The National Bank of Kazakhstan and Central Bank of Uzbekistan also both purchased 14 tonnes of gold during the quarter.

Central banks purchased a total of 675 tonnes of gold in the first 9 months of 2026, a 6% increase on the same period in 2025. The average price of gold during the quarter was US$4262/oz. Around 63% of central bank gold demand during the quarter went unreported according to the World Gold Council, so the figures presented above represent only a part of the total central bank gold demand during the quarter.

What this means for investors

The sales by Russia are perhaps just another example of what central bank gold is held for in the first place: a reserve that can be turned into cash when all other options are exhausted. The effect of sanctions on Russia's gold has seen it trade in fewer places than it may have done otherwise, but Asian buyers still came forward to take the gold.

Gold's ability to find a buyer regardless of jurisdiction, currency or payment system is just one of the reasons central banks are drawn to the metal. The Q3 figures provide a bit of both sides of this coin, in that while one central bank is selling gold due to fiscal pressures, the rest of the central bank world is increasing its gold holdings.

From a supply perspective, we may also see additional central bank gold sales if Russia continues to experience budget pressures. The sales volumes have been small to date in comparison to central bank gold buying, and we also have a report from The Moscow Times indicating that China's gold imports have increased by 72% over last year.

For Australian investors holding physical gold, such as those who have bought gold from Ainslie Bullion for safe storage in Australia, the point here is not so much about Russia as it is about gold itself. The metal's value is not dependent on any one market, currency or counterparty, and the data for 2026 shows that this is still true when it comes to central banks too.

Check out Ainslie Bullion's range of gold bars and coins. We also offer secure storage in Australia for your gold.