Russia dramatically increased its gold exports to China as Western governments closed their markets to the precious metal during the war in Ukraine, according to RBC media. reported Friday citing data from China Customs.

China imported $108.8 million worth of Russian gold in July, an increase of 750% from June and 4,800% from the same month last year.

Market experts polled by RBC said they believe Russia, the world’s second-largest gold producer with more than 300 tonnes a year, is currently selling its gold to China at a discount of up to 30%.

Other experts have speculated that China, one of the world’s top buyers of bullion, may be just one of many important new destinations for Russian gold in Asia and the Middle East.

The United Arab Emirates, which did not release data on Russian gold imports in 2022, was singled out by RBC interviewees as a central hub to disguise the precious metal’s country of origin.

The US, UK, Canada and Japan banned Russian gold exports in June. The European Union and Switzerland, a major gold hub with a traditionally neutral stance, followed suit last month.

RBC said the Chinese customs data was the first set of figures to reveal how Russian gold exports are being redirected east.

Russia classified its customs data earlier this year after Western sanctions following its invasion of Ukraine caused major economic problems.