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Russia Sends Record 165 Tons of Gold to China as Moscow Sells Off Reserves to Fund War
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![Photo of Ivan Khomenko]( "Photo of Ivan Khomenko")
Russia exported a record 165 metric tons of gold to Hong Kong between January and September 2026, more than tripling shipments compared with the same period last year as China became a major destination for Russian precious metals following Western sanctions.
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According to The Moscow Times on November 9, citing customs data analyzed by Gazprombank’s Center for Economic Forecasting, Russian gold shipments to Hong Kong have increased more than 55-fold compared with pre-war levels.
In 2021, Hong Kong imported just 3.3 tons of Russian gold over the entire year. Russian-origin metal now accounts for approximately 15% of gold entering China through Hong Kong, equivalent to roughly one in seven bars.
The shift follows restrictions introduced by Western countries after Russia launched its full-scale invasion of Ukraine in February 2022.
The London Bullion Market Association (LBMA) removed Russian refineries from its accredited supplier list, while G7 countries prohibited imports of Russian gold. These measures significantly restricted Moscow’s access to traditional Western markets.
Dubai initially emerged as an alternative trading center for Russian gold. However, the United Arab Emirates subsequently tightened oversight of precious metal transactions amid pressure from the United States and the United Kingdom.
Hong Kong has since become an important route for Russian gold exports, offering duty-free trade, no value-added tax on gold, and access to mainland China, which has not imposed sanctions on Russian bullion.
The expansion of exports comes as Russia draws down part of its own gold reserves to finance government spending.
According to The Moscow Times, Russia’s Central Bank has sold approximately 60 tons of gold from its reserves in 2026, including 21.8 tons in the second quarter and 18.7 tons in the third quarter.
The sales represent Russia’s largest reduction in gold reserves since 1998, when the country defaulted on its domestic government debt during a major financial crisis.
The report noted that some of the gold shipped to China may have originated from Russia’s central bank reserves, although the precise amount and final destinations have not been independently established.
Earlier, Ukraine’s Foreign Intelligence Service reported that Russia’s gold reserves had fallen to their lowest level since 2019, declining by approximately 62 tons since December 2025. The agency attributed the drawdown to mounting budget pressures driven by falling oil and gas revenues and rising military spending.
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