The U.S. warned Hong Kong on Monday that its status as a financial center could be affected if it acts as a safe haven for sanctioned individuals, days after a luxury yacht connected to a sanctioned Russian tycoon docked in the city.
“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,” said a U.S. State Department spokesperson in a statement.
Mordashov, who is believed to have close ties to Russian president Vladimir Putin, was sanctioned by the U.S., U.K. and the European Union in February after Russia’s invasion of Ukraine. Meanwhile, U.S. and European authorities have seized over a dozen yachts belonging to sanctioned Russian tycoons to prevent them from sailing to other ports that are not affected by the sanctions.
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