Hong Kong leader John Lee said on Tuesday there was 'no legal basis' for the city to act on Western sanctions, when asked about a Russian yacht berthed in the financial centre that belongs to a sanctioned Russian oligarch.
HONG KONG -
Hong Kong authorities were criticized by the U.S. State Department for allowing a luxury yacht belonging to sanctioned Russian oligarch Alexey Mordashov to dock in Hong Kong waters last week.The U.S. State Department said the use of Hong Kong by individuals evading sanctions from multiple jurisdictions could carry reputational risks and call into question the "transparency" of the financial hub's business environment.
While a number of Russian superyachts have been seized or denied entry in Europe and other jurisdictions, the 465 foot Nord could be seen docked prominently in waters west of Hong Kong's iconic Victoria Harbour. It is valued at more than US$500 million.
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