Russian exports of precious metal ores and concentrates to China reached about $1 billion in the first half of 2025, an 80% jump from the same period a year earlier, according to Trade Data Monitor figures based on Chinese customs data. The surge coincides with a 28% rally in global gold prices, which has lifted revenue for Russian miners and encouraged larger Chinese purchases of gold and silver. Moscow’s metal producers have redirected shipments toward Asia after being barred from major Western trading hubs following the 2022 invasion of Ukraine. China has emerged as the main outlet for Russian supply, while domestic retail buying in Russia has also risen to record levels as households seek a hedge against economic uncertainty. Major producer MMC Norilsk Nickel has increased exports of palladium and platinum to China as prices for those metals climbed 38% and 59%, respectively, this year.