Russia is increasingly looking to Hong Kong as a key partner in its pivot to Asia, with economic relations between the two gaining importance in 2026. According to a report by 'Russia's Pivot To Asia', a leading Russian media outlet, bilateral merchandise trade reached approximately $4.3 billion in 2025, while trade during January-June 2026 reached about $2 billion. This includes over $1.1 billion of Russian exports to Hong Kong.
Hong Kong ranked around 23rd among Russia's global trading partners, accounting for roughly 0.3% of Hong Kong's total trade. Russia was Hong Kong's 19th-largest import source and 27th-largest export market. However, within Central and Eastern Europe, Russia was Hong Kong's largest trading and import partner. The relationship is increasingly based on Hong Kong's role as an international financial, logistics, and commercial centre rather than on the size of its domestic market.
Hong Kong's proximity to Shenzhen, Guangdong, and the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) provides Russian companies with a potential platform for reaching mainland China and wider Asian markets. On June 10, 2026, Hong Kong Chief Executive John Lee Ka-chiu invited Russian companies and investors to explore opportunities in the Northern Metropolis, a roughly 30,000-hectare development zone along the Shenzhen border. The project combines housing, industry, technology, and innovation and is expected to create approximately 650,000 jobs.
Areas highlighted for international investment include high technology, artificial intelligence, and environmental industries. Russian Consul General Anatoly Kargapolov said Russian businesses were prepared to examine joint investment opportunities in the GBA and Northern Metropolis. Hong Kong announced its first 2026-2030 Five-Year Plan on September 16, 2026, emphasizing international finance, maritime and trade services, innovation, technology, GBA integration, Belt and Road participation, and emerging productive industries.
The plan includes 196,000 public housing units and accelerated development of the Northern Metropolis. For Russian companies, finance, commodity trading, logistics, technology, environmental industries, and access to the GBA are among the most relevant areas. Gold has become the most significant commodity channel, with almost 100 tonnes of Russian gold reaching Hong Kong during the first seven months of 2026, around three times the volume recorded during the same period of 2025.
Hong Kong is also developing its precious-metals infrastructure, with a centralized gold clearing and settlement system set to launch in Q1 2027. Russian crude oil has created another important commercial channel, with Hong Kong-linked operators handling around 32 million barrels in August 2026, the highest monthly level since November 2022. Food and agricultural trade represents a smaller but increasingly diversified part of the relationship, with Russia-Hong Kong agricultural and food trade reaching approximately $37 million during January-August 2026.
The Russian Export Center organized a consumer-goods business mission in Hong Kong on September 15-16, 2026, with twelve Russian companies participating. The mission involved the Russian Export Center, Russia's Ministry of Agriculture, the Russian Consulate General, the Federation of Hong Kong Industries, the Chinese Manufacturers' Association of Hong Kong, and the Hong Kong Trade Development Council. Russian visitor arrivals increased from approximately 60,000 in 2023 to 131,598 in 2024 and 164,592 in 2025, with around 110,000 Russian visitors arriving between January and an unspecified date.
Key points
- Russia's economic relations with Hong Kong are gaining importance as part of its pivot to Asia.
- Bilateral trade between Russia and Hong Kong reached $4.3 billion in 2025 and $2 billion in the first half of 2026.
- Hong Kong is developing its precious-metals infrastructure, with a centralized gold clearing and settlement system set to launch in Q1 2027.
