Russian exports of precious metals to China have increased by nearly 80% this year, as Moscow strengthens its dependence on Beijing due to Western sanctions, Bloomberg reported on Monday.

Russian shipments of gold, silver, and other precious metals to China reached $1 billion in the first half of 2025, nearly double compared to the same period last year, according to data from the Chinese Customs Administration cited by Trade Data Monitor.

China has become one of Russia’s primary buyers of minerals and concentrates containing gold and silver after Western markets largely halted purchases following Moscow’s invasion of Ukraine.

Rising gold and silver prices, both up approximately 25% in the first six months of the year, have contributed to driving the increase in export values.

Growing geopolitical risks, including escalating trade tensions between China and the United States, have also fueled global investor demand for gold as a safe-haven asset.

Domestically, Russian demand for gold bullion, coins, and jewelry has soared in recent years due to high inflation and limited investment options.

Russian consumers purchased a record 75.6 tonnes of gold in 2024, equivalent to approximately one-quarter of the country’s annual production.

Russia produces over 300 tonnes of gold per year, making it the world’s second-largest producer after China.

With Western markets largely closed, China has become one of the few major outlets remaining for Russia’s lucrative precious metals trade.

Exports of other Russian precious metals, including platinum and palladium from mining giant Norilsk Nickel, are also on the rise. Bloomberg reported that prices for these metals increased by 38% and 59% respectively in the first half of 2025.