Russian gold exports to China surge 800% to hit historic high

Russia’s physical gold exports to China reached a historic milestone in 2025, surging ninefold to 25.3 tons, according to data from the General Administration of Customs of China reported by RIA Novosti.

This 800% increase represents a significant turning point in the bilateral trade relationship between the two nations. The monetary value of these exports grew even more sharply, rising 14.6 times to reach $3.29 billion, outpacing the growth in volume.

The figures represent an all-time high for gold trade between Moscow and Beijing in terms of both tonnage and value. December 2025 stood out as a particularly record-breaking month, with 10 tons of gold valued at $1.35 billion shipped in a single 31-day period.

Climbing the supplier ranks: Russia secures seventh place

Russia’s rapid momentum has fundamentally reshaped Beijing’s list of top gold suppliers. After ranking 11th in 2024, Russia climbed to seventh place last year.

Switzerland maintained its dominant position as China’s leading supplier with $25.73 billion in sales, followed by Canada at $11.06 billion. Other major players in the market included South Africa ($9.42 billion), Australia ($8.77 billion), and Kyrgyzstan ($4.95 billion).

Beijing’s anti-dollar strategy fuels demand

The sharp uptick in Chinese purchases of Russian gold aligns with Beijing’s broader strategic objective to bolster its reserves and reduce the economy’s reliance on the US dollar.

An analysis published by the Financial Times in November suggested that China’s actual gold imports may be significantly higher than official figures indicate. Analysts at Societe Generale estimate that total Chinese acquisitions may have reached 250 tons—accounting for more than a third of all gold purchased by central banks globally last year.

Production rises, but total exports lag behind pre-war levels

According to data from the consultancy firm Technologies of Trust (TeDo), Russia’s gold mining sector saw a 5.5% year-on-year expansion in the first half of 2025, reaching a production volume of 160 tons.

Analysts project that total production will hit 345 tons by year-end, a modest increase compared to the 330 tons produced in 2024.

However, the war in Ukraine and the subsequent imposition of heavy international sanctions have profoundly impacted Russia’s global gold export footprint. Total export volume, which stood at 261 tons in 2022, plummeted by 40% to just 158 tons in 2024.

National Wealth Fund gold reserves continue to dwindle

Despite the successful pivot of export routes toward China, a notable decline has been observed in Russia’s strategic reserves.

Data from the Russian Ministry of Finance reveals that gold holdings within the National Wealth Fund (NWF)—which is utilized to finance budget deficits—shrank by 71% between 2022 and 2025.

In May 2022, the fund held 554.9 tons of gold. By January 1, 2025, the amount remaining in accounts held with the Central Bank had dropped to 160.2 tons. This depletion underscores the extent to which Moscow is liquidating its gold reserves to sustain its war economy and maintain fiscal balance.