In the first half of 2025, Russia’s exports of precious metals to China nearly doubled, reaching about $1 billion. This sharp increase was mainly due to a big rise in gold prices, which went up by 28% during the period.
Russia is the world’s second-largest producer of gold, producing over 300 tons each year. Since Western countries banned Russian metals from their markets after the 2022 invasion of Ukraine, Russia has turned to China as a key trading partner.
According to Trade Data Monitor, China’s imports of Russian gold, silver, and other metal ores jumped 80% compared to the same time last year. This shows China’s growing role as a buyer of Russian precious metals.
Not only exports, but domestic demand for gold is also growing in Russia. Many Russian citizens are buying gold to protect their savings from inflation and economic uncertainty. This has pushed Russia’s retail gold demand to record levels.
The trade is not limited to just gold. Russian company MMC Norilsk Nickel has also increased exports of palladium and platinum to China. These metals saw price increases of 38% and 59% respectively in global markets.
Meanwhile, the Bank of Russia, which used to be the world’s largest buyer of gold among central banks, has not resumed large gold purchases. This makes China even more important for Russia’s precious metals trade.
As Western sanctions continue, China remains one of the few large markets still open to Russian gold and other precious metals.
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