Russian gold exports to Hong Kong surge 50% in seven months, bypassing sanctions

Hong Kong imported $14.4 billion of Russian gold in the first seven months of 2026, already 50% above the full-year 2025 total of $9.6 billion. This surge indicates continued circumvention of Western sanctions on Russian gold, with Hong Kong serving as a key transit hub. The scale of increase suggests a structural shift in trade flows, potentially undermining sanctions effectiveness.