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Russian gold moving to Mainland China. The EAEU-China Agreement on Trade and Economic Cooperation (in force 25 Oct 2019) has no tariff concessions and reserves each side's measures on gold import and export (art. 1.9(c)), and China has not adopted sanctions on Russian gold (cn module: China acts only on its own designated lists). Entry runs on China-wide rules (PBoC permit, SGE first trade, bar standard). Directly recorded volumes are small; most Russian gold reportedly reaches China via Hong Kong. The main exposure is US secondary sanctions on banks and firms dealing with EO 14024-blocked persons.
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Commentary names Shanghai and Hong Kong as taking Russian gold that once went to London; direct Russia-China recorded trade stays small, so the Hong Kong leg carries the flow.
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