China bought a record amount of gold from Russia in November, with the value of the shipments approaching the 1 billion USD mark, according to Chinese customs data cited by RIA Novosti. This import level marks the highest month ever in Beijing's Russian gold purchases.
Accordingly, the value of Russian gold sold to China in November reached about 961 million USD, continuing the increase in October at 930 million USD. This development comes as Moscow steps up redirection of precious metals exports from Western markets due to comprehensive sanctions, while China emerges as a key destination.
Previously, in October and November 2024, Russia did not export gold to China. The previous peak in annual turnover was only 223 million USD. In the first 11 months of 2025, China imported about 1.9 billion USD worth of Russian gold, nearly nine times higher than the same period last year. Russia's total precious metals exports to China have also doubled compared to a year ago, according to customs data.
Analysts believe that the actual scale could be significantly higher than the official figure. Bloomberg estimates Russia's precious metal exports to China in the first half of 2025 at around $1 billion, although it did not specify the gold part.
Data from the World Gold Council shows that China bought 23.95 tons of gold from January to September this year, but many experts believe that the actual volume could be significantly higher in the context of adjusting the foreign exchange reserve structure.
Since the conflict in Ukraine escalated in February 2022, Russia and China have strengthened cooperation, describing the relationship as an unlimited strategic partner. Bilateral trade turnover exceeded 200 billion USD for the third consecutive year, while the two sides have almost eliminated Western currencies and switched to payments in rubles and yuan.
