Hong Kong imported 112.7 tonnes of Russian-origin gold in the first seven months of 2026, already surpassing the record 92.1 tonnes imported during all of 2025. This surge highlights how Western sanctions, imposed after Russia's 2022 invasion of Ukraine, have rerouted bullion bound for London toward China and other Asian markets. Analysts note that Hong Kong has emerged as an important hub for Russia-China trade, providing direct access to the world's largest gold-consuming market.