The recent visit of a Russian mega yacht to Hong Kong has sparked speculation that the city could become a haven for oligarchs hiding from Western sanctions.
The "Nord" - a 500 million dollar ship owned by Russian billionaire Alexei Mordashov - spent just over three weeks in Chinese territory before departing last Thursday. Mordashov is one of the businessmen close to Russian President Vladimir Putin who were sanctioned by the United States, the European Union and the United Kingdom following Moscow's invasion of Ukraine.
The seizure of several yachts and other assets belonging to Russian oligarchs around the world in 2022 is not to be feared in Hong Kong. The city made it clear that it was only implementing United Nations sanctions. This led to accusations in Washington that Hong Kong's reputation as an international business centre could be damaged.
Hong Kong is aligning itself with Beijing, a hopeful ally for Putin. The city's mayor, John Lee, and other high-ranking officials are themselves on Washington's blacklist for their role in suppressing political freedoms. The main reason Hong Kong is so attractive is because it is so easy to set up businesses - around 1.4 million companies are based in the city. Directors do not have to live in Hong Kong and companies can register their addresses through secretariats, making it easier to conceal true ownership.
In 2016, the Panama Papers revealed how important front companies in Hong Kong are for those who want to hide their assets and avoid taxes. Companies registered in Hong Kong have also repeatedly appeared on sanctions lists of the US and other countries. Companies that help North Korea evade sanctions were cited by the Treasury Department and United Nations experts in 2017 and 2018.
Source "euractiv"
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