China sets record for Russian gold imports

China sharply increased imports of Russian gold in November

In November, China imported a record amount of gold from Russia, significantly increasing its purchases of the precious metal. This was the highest monthly figure for the entire period of bilateral gold trade.

Delivery details

According to official Chinese customs data, the value of gold imported from Russia in November reached almost $1 billion, which is significantly higher than the average for the previous months. Russia has thus become one of the key suppliers of gold to the Chinese market.

Analysts note that active purchases have been going on for several months in a row, and the total imports of Russian gold to China in 2025 are estimated at billions of dollars.

Context.

Gold exports from Russia to China are growing against a backdrop of rising prices:

• Western sanctions against the Russian financial and commodity sectors;

• Moscow's limited access to traditional markets;

• China's desire to diversify its foreign exchange reserves and reduce its dependence on the US dollar.

Gold is increasingly being used as a strategic financial asset in settlements between countries under sanctions pressure or preparing for possible economic shocks.

Geo-economic implications

Experts point out that increased gold trade between China and Russia could:

• strengthen the financial stability of both countries in the short term;

• accelerate the process of dedollarisation in bilateral trade;

• influence the global precious metals market.

At the same time, such cooperation raises concerns in Western countries, which see it as a way to circumvent sanctions.