October 12, 2022
HONG KONG – The Hong Kong Special Administrative Region government will not act on a Russian-flagged superyacht now anchored in Hong Kong waters, Chief Executive John Lee Ka-chiu said on Tuesday.
Lee said the SAR government has all along been implementing and enforcing sanctions imposed by the United Nations Security Council, but not unilateral sanctions by foreign countries
The vessel is said to be owned by a Russian tycoon who’s facing sanctions from Western countries for his alleged role in the Russian-Ukraine conflict.
Speaking before a weekly Executive Council meeting, Lee said Hong Kong does not have the legal basis to impose unilateral sanctions enforced by foreign countries.
The yacht, which arrived in the SAR on Wednesday, is reportedly owned by Russian steel entrepreneur Alexey Mordashov. He has been on the sanctions list of the United States, the European Union and Britain for his alleged involvement in the Ukraine conflict.
Lee said the SAR government has all along been implementing and enforcing sanctions imposed by the United Nations Security Council. However, unilateral sanctions by foreign countries based on their individual circumstances have no legal effect in Hong Kong.
The SAR government will not take action without any legal foundation. Otherwise, it would amount to violating the spirit of the rule of law, which Hong Kong has long upheld, said Lee.
Hong Kong fully respects the rule of law and will handle all funds and activities in accordance with the law. As a financial center, the city’s regulatory system is also in line with that of the world, he added.