Russian gold flows into China. One third of exports are reserves of the Bank of Russia

From January to September, Hong Kong imported 165 tons of Russian gold, marking a significant increase compared to previous years. This surge is attributed to Hong Kong's status as a duty-free port and a gateway to the Chinese market, which has not imposed sanctions on Russian gold. The Russian central bank has been selling gold reserves to finance its budget deficit and military actions, with China being a major buyer. The People's Bank of China has been accumulating gold for 23 consecutive months, contributing to a 72% increase in gold imports this year. Prior to the war, Russia exported around 300 tons of gold annually, but exact figures are now unclear due to data concealment by the Kremlin.