Hong Kong Ousts Dubai as Biggest Hub for Russian Gold Trade
- Asian city has already imported quadruple last year’s volume
- US sanctions and stricter UAE regulations have curbed trade
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Shut out of London following the invasion of Ukraine, Russian gold trading switched to Dubai. Now it’s shifting again, to the bullion hub of Hong Kong.
The city has long been a key conduit for bullion entering the Chinese mainland — the world’s biggest consumer market — but since April, Russian shipments surged. Hong Kong imported 68 tons of Russian gold this year, four times as much as the whole of 2022.