🕒 Created

Russia moved nearly 100 tonnes of gold through Hong Kong in the first seven months of 2026 to bypass Western sanctions.

Russia moved nearly 100 tonnes of gold through Hong Kong during the first seven months of 2026. This movement allowed Russia to maintain international bullion transactions despite Western sanctions.

Show the rest of this summary

The volume of gold moved through the hub occurred while gold prices were approximately $4,400 per ounce. Hong Kong is currently competing with Singapore to become a primary gold storage hub. Singapore is scheduled to launch central bank gold-vaulting services in October. According to a market veteran, central banks select gold storage locations based on legal certainty, political neutrality, and the ability to access the metal during a crisis. Hong Kong currently lacks capital controls and maintains a policy of free convertibility. A Goldman Sachs report from August 14 indicates that gold storage location is becoming a growing priority for reserve managers.

Sources

Paywall and unreadable sources