Russian Firms use Hong Kong to avoid sanctions; UN sanctions being implemented following US warning

Published on: 12 January 2023

Russian firms are using Hong Kong to evade US sanctions imposed after US warnings.

The sanctions landscape is becoming more complex now that Russian firms have begun to use Hong Kong as a safe haven. Hong Kong has said they will only implement United Nations sanctions and not US sanctions. Sanctions form part of a long term strategy and whilst this situation will continue to evolve, it will inevitably mean that companies trading with Hong Kong will need to be aware of their own dealings in the context of these sanctions.

TISCreport is due to release the US sanctions data set for use by corporate members in coming weeks and the UN sanctions list soon afterwards.

Says Stuart Gallemore, CTO, TISCreport “This just shows how fast things are changing with this conflict. It is of course a legal obligation of all companies and individuals to not deal with sanctioned entities, but the effectiveness of such policies are limited unless they can be implemented quickly.”

TISCreport already offers UK and EU sanctions data on a #PayWhatYouCan basis to enable all organisations to play their part to help end the conflict in Ukraine. You find out more about our #PeaceCorp efforts here with our #Sanctify service.