The 465-foot superyacht"Nord", reportedly owned by the sanctioned Russian oligarch Alexei Mordashov, is seen in Hong Kong, China October 7 2022. REUTERS/Tyrone SiuRussian companies shut out of Western financial capitals are exploring Hong Kong as an alternative, stoking concern among US officials that the Asian hub will become a haven for businesses sanctioned over the war in Ukraine.
“Interest from Russian companies to move certain activities to Hong Kong is certainly developing,” said Yan, whose firm has had initial discussions with Russian clients. Some are looking to change certain registrations to Hong Kong, while keeping the business operations in Russia, he said.Hong Kong could offer a window to outside capital for Russian firms since China’s government has maintained friendly relations with Moscow and imposed no sanctions as the eight-month invasion escalates.
“Hong Kong’s reputation as a financial centre depends on adherence to international laws and standards,” a spokesperson said. “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.”
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