Russia shipped a record 165 metric tons of gold to China over nine months

From January through September, 165 metric tons of gold bullion of Russian origin were shipped to Hong Kong. China remains the main market for Russian gold following the imposition of Western sanctions.

According to customs statistics cited by Gazprombank’s Center for Economic Forecasting, shipment volumes have more than tripled compared to the same period last year. 

Compared to 2021, before the war, exports have increased more than 55-fold. Back then, Hong Kong imported only 3.3 metric tons of Russian gold for the entire year.

Currently, Russian gold accounts for about 15% of all gold entering China via Hong Kong. This port is attractive to exporters due to the absence of customs duties and VAT on gold, as well as direct access to the Chinese market.

At the same time, Russia has begun actively selling gold from its state reserves to finance its budget deficit. According to analysts’ estimates, the Central Bank of the Russian Federation sold about 60 metric tons of the precious metal in 2026. This is the largest sale since 1998.

Unlike Russia, China continues to build up its gold reserves. The People’s Bank of China has been buying gold for 23 consecutive months.

Source: Gazprombank’s Center for Economic Forecasting

For the second consecutive quarter, the Central Bank of the Russian Federation became the world leader in terms of the volume of gold reserve reductions, selling 18.66 metric tons in the third quarter of 2026 to cover the deficit of a record-high military budget. 

In the first seven months of 2026, 100 metric tons of gold bullion of Russian origin arrived in Hong Kong. This is three times more than during the same period last year and a record high for the entire period for which statistics are available.

Since December, Russia’s gold reserves have decreased by approximately 62 metric tons—the largest decline since the 1998 financial crisis.