Russian gold floods Hong Kong as Western sanctions redraw bullion trade - CNBC
Russian gold floods Hong Kong as Western sanctions redraw bullion trade - CNBC
Source: CNBC
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DW NOTE
Russia is moving gold through Hong Kong because Western markets won't clear it. That rerouting doesn't just bypass sanctions — it ties Hong Kong clearing banks to Russian state revenue, locks Chinese refineries into discounted supply, and shifts physical settlement eastward in exactly the way Washington spent two years trying to prevent. Gold is fungible, sanctions are not.