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Anti-Russian sanctions

Hong Kong banks not obliged to follow anti-Russian sanctions — regulator

It is reported that Russian holders of active accounts in this bank, which is the largest in the region, are deprived of the opportunity to purchase securities or any investment products.

HONG KONG/XIANGGANG, October 24. /TASS/. Hong Kong banks are not obliged to follow the sanctions imposed unilaterally against Russia, Sonya Yu, spokeswoman for the Hong Kong Monetary Authority (HKMA), told TASS on Monday. HKMA acts as the central bank in Hong Kong.

"Hong Kong law creates no obligation for banks in relation to unilateral sanctions imposed by foreign governments [against Russia]," she explained.

"HKMA from time to time reminds banks to carefully assess and properly manage all relevant risks, related to their business operations and strive to treat customers fairly," she added.

Earlier, Hong Kong's leading newspaper, the South China Morning Post, reported that Russian businessmen are having difficulty banking in Hong Kong due to Western sanctions imposed over the situation in Ukraine. In particular, according to the publication, the British-Hong Kong banking group HSBC suspended investment services for its clients from Russia in Hong Kong.

As a TASS correspondent has ascertained, Russian holders of active accounts in this bank, which is the largest in the region, are deprived of the opportunity to purchase securities or any investment products. However, the suspension did not affect the current operational activities related to servicing accounts for personal banking needs.

Nevertheless, according to the correspondent, Russian citizens are experiencing serious difficulties when trying to open new accounts in Hong Kong, in particular in the Bank of China (Hong Kong).

"Although China and Hong Kong have not joined Western sanctions against Russia, there are cases when Russian businessmen are unable to transfer funds or open new accounts [through Hong Kong banks]," Igor Sagitov, Russian Consul General in this special administrative region of China said as quoted by the newspaper.

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Sanctions vs. Russia

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