China buys record volume of Russian gold in November
Illustrative photo: Russian gold flows to China (Getty Images)
China purchased a record volume of gold from Russia in November. The Russian regime sold precious metals to Beijing worth $961 million (€818.6 million), the highest level recorded in recent years, reports Deutsche Welle.
DW, referring to official statements by Russian state propaganda and open sources, said Russia sold slightly less gold to China in October, totaling $930 million (€792.2 million).
Overall, during the first 11 months of 2025, China purchased $1.9 billion (€1.6 billion) worth of Russian gold. This indicates that between January and September 2025, China bought only $9 million worth of gold from Russia. The overwhelming majority of the volume was sold in October and November.
For comparison, no gold was sold to China during the same period in 2024. Over the whole of 2024, Russia sold just $223 million (€189.9 million) worth of gold to China.
At the same time, the real volume of China's purchases of Russian gold may exceed official figures by at least ten times. Bloomberg, for example, estimated exports of precious metals from Russia to China at $1 billion in the first half of 2025. How much of that amount was gold remains unknown.
Overall, exports of precious metals from Russia to China doubled year-on-year. China is actively buying Russian gold due to strong domestic demand. According to analysts, China officially reported purchasing only 23.95 tons of gold between January and September 2025. However, real figures are estimated at at least 250 tons, with a significant share believed to be Russian gold.
According to Ukrainian intelligence, Russian authorities continue to increase funding for the war against Ukraine, even with spending significantly exceeding the approved budget. China plays a major role in this process. Former Presidential Adviser on Economic Affairs Oleh Ustenko said that with China's support, Russia could finance the war for another two years.
In September, US President Donald Trump said the Russian economy was in terrible shape. However, according to comments from CNN experts, economic problems will not force Kremlin leader Vladimir Putin to come to the negotiating table in the coming years.
For more details on what is wrong with Russia's economy and who keeps it afloat, read RBC-Ukraine's article.
