Hong Kong city authorities have refused to seize a superyacht, called the Nord, which is owned by Russian oligarch Alexei Mordashov, the publication Business Insider reported on Oct. 8.
Read also: EU adopts eighth sanctions package against Russia, including oil price cap
The Nord is a 142-meter-long vessel worth $500 million. It arrived in Hong Kong waters this week.
Hong Kong city authorities said they had no legal authority to impose sanctions on Mordashov, a Russian oligarch known to be close to Russian dictator Putin.
Mordashov was placed on Western sanctions lists after Russia launched its full-scale invasion of Ukraine.
Read also: EU plans to impose sanctions on far-right ideologue Dugin and singer Rastorguyev, reports Politico
The U.S. State Department warned Hong Kong that it could damage its reputation as an international financial center if it harbors sanctioned assets.
“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 (in the city),” a State Department spokesman said.
Read the original article on The New Voice of Ukraine
