Story perspectives

Hong Kong Becomes Top Route for Russian Gold Imports

9/6/2026

Summary

Story summary

Hong Kong has become the primary conduit for Russian gold after Western sanctions shut the London market.
Imports of Russian gold into Hong Kong reached about 100 tons from January to July 2026, nearly three times 2025 levels.
The U.S. Treasury sanctioned Holden International Trading and Taube Precious HK in June 2024 for routing Russian gold payments.
The Treasury also sanctioned VPower Finance Security and Red Coast Metals Trading in June 2024, prompting LBMA to revoke VPower’s membership.

History

Historical Context

After the United States and European Union imposed sanctions following Russia’s 2022 invasion of Ukraine, Moscow shifted gold sales to Asian markets, prompting a sharp rise in offshore imports. By 2022 Russian citizens and the state bought 64–67 metric tons of gold, showing how such flows now trigger fresh U.S. Treasury actions against traders.

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Story summary

Hong Kong has become the primary conduit for Russian gold after Western sanctions shut the London market.
Imports of Russian gold into Hong Kong reached about 100 tons from January to July 2026, nearly three times 2025 levels.
The U.S. Treasury sanctioned Holden International Trading and Taube Precious HK in June 2024 for routing Russian gold payments.
The Treasury also sanctioned VPower Finance Security and Red Coast Metals Trading in June 2024, prompting LBMA to revoke VPower’s membership.

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