One of the largest Chinese autonomy banks, HSBC, sent a letter to Russian businessmen in Hong Kong, informing them that they would not be able to provide some investment services to Russian citizens who are not EU residents.
HSBC also ensures that this measure will not affect the personal savings of Russians in banks in the region.
Russian businessmen told the South China Morning Post that they are in fact experiencing a number of difficulties accessing banking services in Hong Kong.
For example, it is almost impossible for Russian citizens to open an account in Hong Kong banks. Credit organizations explain this with new EU sanctions.
At the same time, the HKMA, which acts as the central bank, points out that local banks can ignore unilateral sanctions imposed by foreign governments.
Legal experts say most Hong Kong lenders risk nothing by providing banking services to Russians.
And yet the problem exists. It is recognized by the Russian Consul General in Hong Kong Igor Sagitov:
“While China and Hong Kong have not joined Western sanctions against Russia, there are cases where Russian businessmen cannot transfer funds or open new accounts.”
Despite statements about not supporting EU anti-Russian sanctions, in the first half of 2022, the volume of Russian capital in Hong Kong decreased from $331.5 billion to $102 million.
Author:
Ekaterina Alipova
Source: RB
I am Bret Jackson, a professional journalist and author for Gadget Onus, where I specialize in writing about the gaming industry. With over 6 years of experience in my field, I have built up an extensive portfolio that ranges from reviews to interviews with top figures within the industry. My work has been featured on various news sites, providing readers with insightful analysis regarding the current state of gaming culture.
