Russia has been steadily boosting its shipments of gold to China, with October deliveries totaling 2.16 tons in both raw and semifinished forms. This level more than doubles the amount moved in the same month a year earlier, according to data from the General Administration of Customs of the People’s Republic of China and reported by RBC. The rise covers both physical metal and early-stage product forms, signaling a shift in bilateral trade dynamics.
In monetary terms, the October movement also doubled, reaching $124.6 million. This marks the strongest monthly Chinese gold import figure since at least 2016, based on China’s monthly statistics. The trend points to growing demand in China and a larger role for Russian gold in meeting that demand, even as other suppliers remain influential in the broader market.
From January through October this year, Russia’s exports of raw or semifinished gold to China stood at 5.72 tons, nearly doubling the amount in the same period of 2021. The accompanying value rose by about 1.8 times to $330 million. This expansion reflects both higher volumes and a favorable price environment, contributing to Russia’s visible yet relatively small share in China’s total gold imports.
Despite these increases, Moscow remains a modest supplier within the Chinese gold market. By contrast, several other nations and regions moved substantial sums during the same window. For January–October, Switzerland led with $26.5 billion in gold exports to China, followed by Canada at $9.7 billion, South Africa at $7.7 billion, Australia at $7.2 billion, and Hong Kong at $2.5 billion. Transfers to Germany amounted to $0.775 billion. These figures illustrate the diverse and uneven landscape of gold trade among major global players.
RBC cites data from the Russian Federal Customs Service indicating that in 2021 Russia shipped 302.17 tons of gold to various destinations, with only 3.98 tons directed to China. Industry observers point to the practice of exporting gold concentrates for processing in China. Sergey Kashuba, president of the Russian Gold Producers Association, notes that processing many refractory gold ores in Russia is not economically viable, which channels more concentrate to China for refinement. He also suggests that stockpiled supplies built up during coronavirus restrictions may have been reallocated, with gold previously destined for Western markets redirected toward China as bullion or concentrate stockpiles were managed.
Amid geopolitical tensions, several countries have imposed or extended sanctions on Russian gold in response to developments in Ukraine. Western authorities, including the United States, the United Kingdom, Canada, and Japan, have announced restrictions on Russian gold as part of broader sanctions regimes discussed at international forums such as the G7. The London Bullion Market Association has also acted, suspending the Good Delivery status of some Russian gold-refining participants. In 2021, Russia’s gold exports supported the national budget, with notable revenue reported by the UK, highlighting the role of gold within global trade networks.
Overall, the ongoing data points from Chinese customs records, Western sanctions actions, and industry responses paint a nuanced picture: Russia’s gold exports to China have risen in both physical and financial terms, yet remain a small portion of China’s extensive bullion imports. Analysts will keep watching how shifts in demand, refining capacity, and policy measures shape the supply chain for this precious metal in the coming months, as global markets reassess supply risk and the evolution of central bank reserves.