The US warned Hong Kong that assisting sanctioned people could threaten its status as a financial hub, after a megayacht linked to one of Russia’s richest men docked in the territory’s harbor.
The US$500 million Nord vessel tied to tycoon Alexey Mordashov arrived in Hong Kong on Wednesday last week, after making a week-long voyage from the Russian city of Vladivostok. Mordashov, believed to be an ally of President Vladimir Putin, was sanctioned by the EU, the UK and the US following Russia’s invasion of Ukraine in February.
“The possible use of Hong Kong as a safe haven by individuals evading sanctions from multiple jurisdictions further calls into question the transparency of the business environment,” a US Department of State spokesperson said in an e-mailed statement.
Photo: Reuters
The territory’s reputation as a financial center depends on its adherence to international laws and standards, the spokesperson added.
The Hong Kong Marine Department on Friday said that while it enforces UN Security Council sanctions, it does not implement “unilateral sanctions imposed by other jurisdictions.”
Hong Kong Chief Executive John Lee (李家超) has been sanctioned by the US, along with several other territory officials, for his role in the government’s crackdown on civil liberties.
There are concerns Russian tycoons might seek to circumvent sanctions imposed by the US and its allies by shifting their assets to Hong Kong. China has refused to condemn Russia’s war in Ukraine, with President Xi Jinping (習近平) declaring a “no limits” friendship with Putin on the eve of the invasion.
“US companies increasingly view Hong Kong’s business environment with wariness,” the US spokesperson said, adding that China’s move to dilute the territory’s political autonomy had exacerbated such concerns. “We strongly encourage all jurisdictions to take actions under their domestic authorities to help implement sanctions.”
More than a dozen yachts connected to sanctioned Russian oligarchs have been seized by US and European governments to punish them for their ties to Putin. Mordashov, the largest shareholder in steelmaker Severstal, in May joined other businessmen in trying to challenge the restrictions in European courts.
When Nord, which features two helipads, a cinema and 20 luxury cabins, departed Vladivostok, it listed the Vietnamese port of Da Nang as its destination. A few days later it changed its destination to Hong Kong, vessel location data showed.
The ship also changed its flag — the maritime authority under which the vessel is registered — to Russia from the Cayman Islands in June, Marine Traffic showed.
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