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- The Hong Kong bullion market has seen Russian gold imports quadruple to 68 tons this year, Bloomberg reported.
- It has outpaced Dubai as the biggest hub of Russian gold trading, after the UAE cracked down on illicit trading.
- Western sanctions on Russian gold shifted the trade to Asia and the Middle East and away from Europe.
Hong Kong has dethroned Dubai as the biggest hub for Russian gold trading, importing 68 tons of gold so far this year, or four times as much as the whole of 2022.
While the Chinese city has long been active in the global gold trade, imports of Russian bullion have surged since April, Bloomberg reported.