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Hong Kong becomes the main hub for Russian gold

21 november 2023

Hong Kong has become the largest hub for trading Russian gold, overtaking Dubai and London, Bloomberg writes.

Since the beginning of the year, Hong Kong has imported 68 tons of Russian gold, which is 4 times more than in the whole of last year. According to sources familiar with the situation, the shift towards Hong Kong was caused by US sanctions against the largest Russian gold mining companies, as well as stricter regulation in the UAE.

For comparison, in 2022, Russia shipped 96.4 tons of bullion to the UAE, becoming the country's largest supplier.

Before the start of the war in Ukraine, almost all Russian gold was sent to the vaults of London. However, after sanctions were imposed, supplies to the UK stopped.

When Russian gold was denied access to the London market, Dubai became the main beneficiary - a key transit hub for gold supplies to the Middle East and Asia. The UAE maintained a neutral position and did not impose restrictions on Russian gold, despite pressure from the United States and Great Britain.

However, recently the volume of imports of Russian gold to the UAE has significantly decreased due to the tightening of regulation in the Middle Eastern country. In addition, US sanctions imposed in May against the largest Russian gold mining companies Polyus and Polymetal also played a role.

As a result, some Dubai companies redirected supplies to Hong Kong, which has historically been the largest channel for gold entering China.

For its part, Beijing maintains close ties with Moscow and is ready to increase trade with Russia, writes.

Alex Shishlo for Rough&Polished