China Buys Record Russian Gold Amid De-Dollarization Efforts

China’s gold imports from Russia surged to a record high in November, with shipments valued at $961 million, according to Chinese customs data. This marks a significant increase from the previous month’s total of $930 million. The data also show that Russia’s gold sales to China have been rising steadily, with the first 11 months of 2025 seeing imports reach $1.9 billion—almost nine times the value recorded in the same period last year.

The sharp rise in gold imports is linked to Beijing’s effort to de‑dollarize and reduce its reliance on the U.S. dollar. Facing sweeping sanctions from Western markets, Russia has been seeking alternative destinations for its precious‑metal exports, and China has emerged as a key partner. The two nations have intensified cooperation since the escalation of the Ukraine conflict in February 2022, with trade turnover exceeding $200 billion for a third consecutive year.

According to the World Gold Council, China purchased 23.95 tons of gold from January to September this year. Analysts, however, suggest that the actual purchases may be much larger, as China quietly diversifies its reserves away from the U.S. dollar. The Financial Times reported that China’s unreported gold buying could be more than ten times its official figures.

Cooperation between Russia and China has led to the elimination of Western currencies in their trade, with almost all payments now conducted in rubles and yuan. This shift is part of a broader effort by both countries to strengthen economic ties and reduce dependence on the U.S. dollar. The increase in gold imports is seen as a strategic move by China to diversify its reserves and lower exposure to dollar‑denominated assets.

The rise in Russia’s gold exports to China is expected to continue, with analysts predicting further growth in the coming months. As China pursues de‑dollarization and reserve diversification, its demand for gold is likely to remain strong, providing a significant market for Russia’s precious‑metal exports. The deepening cooperation between Russia and China is poised to have notable implications for the global economy, especially in trade and currency markets.