Overview. Now it is a repressive police state. As a permanent member of the UNSC, Russia has the right to veto UN sanctions. The eminence grise of Hong Kong's banking circles has come out swinging against the United States in an unusual webinar that set a strident tone against the economy with which the city's currency . Office of the Spokesperson. As a permanent member of. . who feel entitled to criticize Hong Kong's legal community for what these observers . In this webinar we will: Sky News broke the story first, noting that Rosaviatsiya - Russia's civil aviation authority - said that all flights by the UK carriers to Russia as well as transit flights are banned from Friday. 1.2. the "Electronics," "Computers" and "Telecommunications and Information Security" categories of the Dual-Use Goods List of the Strategic Goods . Delineating "ownership" and "control" when applying Russia Sanctions 50% rule; 11:00: Coffee and Tea Break: 11:15: Voluntary Disclosures: How to Meet Government Requirements . Singapore imposed the following sanctions against Russia: 1. a ban on the transfer (export, transit and transshipment) to Russia of all goods included in: 1.1. the Military Goods List; 2 and. 13936 directed the Department of Treasury to implement sanctions on persons undermining democracy in Hong Kong. On the ground: Two European officials said on Tuesday that Russia had sent troops into Ukraine, but Russia's Foreign Ministry denied having. Additionally, E.O. It is not only considering the military response, but also the economic response. part 585 (the ''Regulations''), and implement the provisions of Executive Order 13936. . In the latest development, the Treasury Department on Friday imposed sanctions on 11 Hong Kong officials, . What: Webinar on the effect of Russian sanctions on Hong Kong businesses. repeated Russian propaganda about the war, opposed economic sanctions against Russia, and abstained or sided with Russia in UN votes on the war in Ukraine. Stocks in Hong Kong and mainland China slipped as the US and its allies started to sanction Russia over its Ukraine invasion, fanning commodity prices and inflation worries. Author: Yun Jiang, AIIA. Below is a summary setting out the relevant measures and how they could affect Hong Kong traders. DATES: Andrew Hood . A Chinese marine technology company, which said in February that its technology could help Russia monitor submarines and frogmen defending Ukraine's coastal cities, was among the latest batch of . Advertisement. Bermuda entities should carefully assess their business in light of rapidly evolving financial and trade sanctions imposed against Russia following the . Cathay Pacific at breaking point in Hong Kong. Subscribe to our channel for the latest updates on Russia's war in Ukraine. What went wrong? . China Asked Russia to Delay Ukraine War Until After Olympics, U.S. Officials Say by Edward Wong and Julian Barnes via New York Times on March 2, 2022 who feel entitled to criticize Hong Kong's legal community for what these observers . Private Company. On 17 September 2021, an order to amend the list of strategic commodities under relevant schedules to the IESCR came into effect. . A Chinese marine technology company, which said in February that its technology could help Russia monitor submarines and frogmen defending Ukraine's coastal cities, was among the latest batch of . As early as February 2022, according to US . On July 16, the U.S. Department of State, along with the U.S. Department of the Treasury, the U.S. Department of Commerce, and the U.S. Department of Homeland Security, issued a business advisory to caution U.S. businesses about emerging risks to their operations and activities in Hong Kong. (Bloomberg) -- Hong Kong's new leader John Lee received more than HK$11 million ($1.4 million) in physical cash when he ran unchallenged for the city's top job in May while under US sanctions, according to a filing. Other authorities are public laws (statutes) passed by The Congress. President Donald Trump on Tuesday signed into law a bill to impose sanctions on Chinese officials, businesses and banks that help China restrict Hong Kong's . What do you see as a possibility in the middle of this madness? E.U. The sanctions target certain Russian and Ukrainian entities and individuals as a result of the political situation in Ukraine. In light of Russia's military invasion of Ukraine, a specially convened panel of our sanctions and international trade lawyers will discuss the latest sanctions issued by the U.S., EU and UK and offer practical steps Financial Institutions can take to keep on top of these measures and remain compliant. The US' clampdown on Chinese firms for allegedly supporting Russia's military and defense industrial base is unilateral sanction and long-arm jurisdiction that violates international law and lacks. Unlike with Iran and North Korea, the sheer size and international . Spread the love. 29/05/2018 31/05/2018 15 Economic Sanctions Hong Kong Economic Sanctions Hong Kong May 29 - 31, 2018 Conrad , . Russian mobile network MegaFon has decided to place 40 percent of its cash in Hong Kong dollars to diversify and de-dollarize. U.S. sanctions that target those countries are currently tied to specific activities, such as China's involvement in undermining the Basic Law of Hong Kong and Russia's participation in activities restricted by CAATSA and Protecting Europe's Energy Security Act (PEESA). Dollar-based assets are a risk for the company, Chief Financial Officer Gevork Vermishyan told Bloomberg News in a phone interview. Hong Kong 25: China's Xi Jinping inaugurates John Lee as leader amid high security and media restrictions; Xi Jinping arrives in Hong Kong for July 1 celebrations, makes first visit to city since 2017 The harborfront West Kowloon train station (L) in Hong Kong for the high speed rail link to Guangzhou in mainland China, and the skyline of Hong Kong Island (back) on Sept. 21, 2018. The sanctioned banks include Russia's second-largest VTB, Bank Otkritie, Novikombank, Promsvyazbank, Bank Rossiya, Sovcombank and VEB. Effective 3 March 2022, BIS is expanding the scope of the current sanctions against the Russian industry sector that were originally added to the EAR in August 2014 by restricting the export, re-export, and transfer (in-country) of additional items needed for oil refining. 60) and its corresponding subsidiary legislation, the Import and Export (Strategic Commodities) Regulations (Cap. Regulations implementing the sanctions were unanimously adopted by the European Council. China is watching closely at how countries are reacting to Russia's invasion of Ukraine, in preparation for the day it might make its own military move on Taiwan. Fresh punitive measures agreed on during the summit included a ban on gold imports from Russia, a major producer.
The move is also a preventative move to protect against Western-led sanctions. Here are some of the highlights on what the G7 agreed on Tuesday, the final day of the summit: Russia sanctions The G7 said it will explore measures "to prevent Russia from profiting from its war. OFAC Sanctions Additional Russian Entities and Persons; BIS Adds 36 Entities to the Entity List for Support of Russia, Iran and End-Uses with Military Applications; 0539115D. On July 14, 2020, President Trump signed into law the Hong Kong Autonomy Act (the "HKAA"), unanimously passed by the U.S. House of Representatives on July 1, 2020 and by the U.S. Senate on July 2, 2020.Section 5 of the HKAA requires that the U.S. Secretary of State submit a report within 90 days 1 of the bill's passage on persons and entities that . Hong Kong's bourse has set the terms for the developer to avoid delisting, which include demonstrating that it has sufficient assets to operate, according to an exchange filing last week . They were published in the Official Journal on 23 February 2022 (the "first wave") and 25 February 2022 (the "second wave"). President Trump said he signed into law a bipartisan sanctions bill to punish Chinese officials over Beijing's crackdown on Hong Kong, in an hour-long press conference at the White House . Open. The Hong Kong-Related Sanctions program represents the implementation of multiple legal authorities. Russia is thought to have earned nearly $100bn (82.3bn) from oil and gas exports during the first 100 days of the war. Hong Kong's new leader John Lee received more than HK$11 million ($1.4 million) in physical cash when he ran unchallenged for the city's top job in May while under US sanctions, according to a . BIS is taking this action to ensure the efficacy of existing sanctions on the Russian Federation (Russia) for violating international law and fueling the conflict in eastern Ukraine. (Bloomberg) -- Hong Kong's new leader John Lee received more than HK$11 million ($1.4 million) in physical cash when he ran unchallenged for the city's top job in May while under US sanctions, according to a filing. July 16, 2021. China and Hong Kong urgently prepare for Russia-style sanctions on May. When: May 10 at 4 PM. CAATSA sanctions have only been imposed on China and Turkey for their purchase of Russian-made S-400 surface-to-air missile systems. Some of these authorities are in the form of an executive order issued by the President. International banks in Hong Kong are caught in the crossfire of competing laws enacted by the United States and China as the superpowers clash over the city's future, with analysts warning businesses are being forced to pick a side. 13936 and establish the process by which persons and entities are added to OFAC's Specially Designated Nationals and Blocked Persons . Hong Kong's leader and China's top representative in the city took pot shots at the United States on Saturday after the Trump administration sanctioned them and nine other officials for allegedly cracking down on freedom and undermining the local autonomy of the former British colony. Hong Kong spokesperson slammed the restrictions as an "utterly disrespectful attempt which will undermine Hong Kong-US relations at various levels." As the world sanctions Russia, China takes note. New York (CNN Business) Sanctions put in place in response to Russia's invasion of Ukraine have caused the nation's air carriers to lose 79 of their . Hong Kong does not implement unilateral sanctions. The two states proclaimed last month that their friendship had "no limits." That was before Russia. 29/05/2019 30/05/2019 15 Hong Kong Summit on Economic Sanctions Compliance & Enforcement Hong Kong Summit on Economic Sanctions Compliance & Enforcement May 29 . ANSWER: The actual composition of the sanction from the United States remains unclear. Hong Kong controls dual-use items under the Import and Export Ordinance (Cap. (including Hong Kong and Macau) 17,125,191 km 2 (6,612,073 sq mi) (including the Crimean Peninsula) Population: 1,418,669,490 146,793,744 . To make matters worse, Chinese stocks listed in Hong Kong decreased by 11% having their worst day since the global financial crisis, as concerns over Beijing's close relationship with Russia and . For the first few years after . Alexandra Underwood . When the U.K. handed Hong Kong over to China on July 1, 1997, the city was one of Asia's freest and most open. HJ. Japan's announcement today of comprehensive financial sanctions to isolate Russia from the international financial system demonstrates the unity and resolve of the United States, Japan, and other G-7 partners to stop Russia's aggression in Ukraine. The sanctions set out in the Hong Kong Normalization EO are distinct from those set out in the Hong Kong Autonomy Act, which separately authorized the imposition of sanctions on foreign persons who materially contribute to the undermining of Hong Kong's autonomy by China and foreign financial institutions who engage in significant . Since Russia's invasion began in February, the G-7 has rolled out a raft of sanctions to hold Moscow accountable for the war, including asset freezes, an oil import ban and disconnecting it from a key international payment system. Updated: 07/14/2020 07:00 PM EDT. These actions will deny selected Russian banks access to the global SWIFT financial messaging . Havila Capella was financed through a Hong Kong's leasing company that is owned by the Russian financing firm GTLK . Crackdown comes as U.S., European sanctions bite HONG KONG/LONDON, March 25 (Reuters) - HSBC (HSBA.L) is shunning prospective Russian clients and declining credit to some existing ones, two sources. 2022 Issue 9 Articles On: Russia, Ukraine, Sanctions, and Hong Kong Sunday, March 6, 2022 ARTICLES THAT ILLUMINATE THE LACK OF PERSONAL FREEDOM AND POLITICAL LIBERTY UNDER THE CHINESE COMMUNIST PARTY. Hong Kong (CNN Business) China is quietly distancing itself from Russia's sanction-hit economy. Tass, the Russian news agency, quoted a lawmaker in the country's lower house last December as saying Russian nationals have invested 5 trillion rubles (around $45 billion at current rates) in .
Lead Partner at Fieldfisher. Kristian Odebjer . Ukraine-/Russia-Related Sanctions: 06/28/2022 8, 2022 ( Spotlight on China/Screenshot via TheBL/Youtube) Since the West disconnected major Russian banks from SWIFT in March, China and Hong Kong have attempted to prepare a response plan for a similar situation. Xi just took a victory lap in Hong Kong after rapidly turning one of. Hong Kong must start developing its own defence system against foreign sanctions in coordination with the central government when China's top legislative body approves a new law for the city on . OFAC administers a number of different sanctions programs. The United States sanctioned an additional 24 Chinese and Hong Kong officials over Beijing's ongoing crackdown on political freedoms in the semi-autonomous city, just ahead of the . As it will veto any sanctions regime targeting itself, UN sanctions against Russia, and therefore Hong Kong sanctions against Russia, are highly unlikely.
Most Read from BloombergPerson of Interest in July 4 Parade Shooting That Killed Six in Police CustodyBezos Slams Biden Over Call for Lowering of Gas PricesTesla Pauses Plants . QUESTION: Mr. Armstrong; Hong Kong is the source for US dollars for China. Hong Kong's Hang Seng index climbed 2.1 per cent, while the CSI 300 rose 1.3 per cent. Rather, its sanctions laws are designed to implement sanctions issued by the United Nations Security Council (" UNSC "). The Hong Kong-related Sanctions Regulations are now codified at 31 C.F.R. On Wednesday, European Commission President Ursula von der Leyen announced that the European Union would stop purchasing Russian oil by the end of this year to punish Russia's invasion of Ukraine. The Hong Kong government said that they will not be "intimidated" by the new US sanctions and accused Washington of using the city as a wedge in US-Chinese relations. International sanctions against Russia include the set of restrictive measures that were first introduced by the US, EU, Canada, Australia, Switzerland, Norway and Japan (the "implementing countries") in the course of 2014. If Trump imposes serious sanctions, this would actually lead to a shortage of dollars in Asia. 60G) ("IESCR"). Chief Executive Carrie Lam took to Facebook to say that the U.S. got her address wrong, listing the official . Partner at Fieldfisher. sanctions include asset freezes and travel bans. That the Western sanctions campaign against Russia has largely been ineffective will only embolden Xi's expansionist agenda. In a statement, Rosaviatsiya said, "From 11.00 Moscow time, a restriction was introduced on the use of the airspace of the Russian Federation for flights of aircraft owned, leased or operated . The Situation: On July 14, 2020, President Trump signed into law the Hong Kong Autonomy Act (the "HKAA"), the U.S. government's response to China's new National Security Law for Hong Kong. US president Joe Biden vowed to increase sanctions on Russia and called for a trial to judge war crimes . The United States hit 11 Hong Kong and Beijing officials with sanctions two years ago after a sweeping national security law was imposed to snuff out dissent in the semi-autonomous city following . A 2013 case against the real-estate firm Prevezon under the original Magnitsky Act of 2012, which applied only to Russia, took four years to . The first is a bipartisan US bill sanctioning Chinese and Hong Kong officials responsible for the current crackdown on political freedoms in the city. Hong Kong's new leader John Lee received more than HK$11 million ($1.4 million) in physical cash when he ran unchallenged for the city's top job in . Effective 3 March 2022, BIS is expanding the scope of the current sanctions against the Russian industry sector that were originally added to the EAR in August 2014 by restricting the export, reexport, and transfer (incountry) of additional items needed for oil refining. That does not mean there is no impact for Hong Kong and those doing business within it. Rusal sank as the. The sanctions can be either comprehensive or selective, using the blocking of assets and trade restrictions to accomplish foreign policy and national security goals. Last November, the Biden administration said it was still undecided about whether India, traditionally Russia's biggest foreign buyer of weapons, should be given a waiver after its procurement of the S-400 system. According to the U.S. State Department, between 2018 and 2019, three Hong Kong companies controlled by Mr. Prigozhin "facilitated more than 100 transactions exceeding $7.5-million." Sanctions targeting its exports have been announced: The European Union (EU . Hong Kong sanctions with teeth . . Since 2017, Canada has used its sanctions regime to sanction perpetrators in Russia, South Sudan, Syria, Myanmar, and last year in Venezuela, which included 113 individuals in the Maduro Government. Updates on OFAC Russia sanctions developments; Practical review the 50% rule in the context of U.S. sectoral sanctions on certain Russian entities; WASHINGTON/HONG KONG, March 2 (Reuters) - Faced with an unprecedented level of sanctions on Russia, global banks are taking a dim view of business with all Russian entities and dropping clients if . ejinsight 20220519-Fearful-of-Western-sanctions,Lenovo,Xiaomi-stop-sales-in-Russia Hkej ejinsight.com. In November 2019, Hong Kong Watch coordinated a seminar with Canadian Parliamentarians and staffers where a Magnitsky recommendation was accepted . Norwegian shipping company Havila Kystruten has announced that its hybrid-powered cruise vessel, Havila Capella, has been temporarily put out of service as a result of its insurance being affected by sanctions against Russia.
As for formal sanctions over the Hong Kong issue, British Foreign Minister Dominic Raab recently said that Britain is "carefully considering further designations under the Global Human Rights . (Bloomberg) -- Hong Kong's new leader John Lee received more than HK$11 million ($1.4 million) in physical cash when he ran unchallenged for the city's top job in May while under US sanctions,. Hong Kong-Related Sanctions: 12/20/2021 . LAND CO. 30 May 2022. OFAC's Hong Kong regulations formally block transactions prohibited by E.O. Most Read from BloombergPerson of Interest in July 4 Parade Shooting That Killed Six in Police CustodyBezos Slams Biden Over Call for Lowering of Gas PricesTesla Pauses Plants . Those in Hong Kong are yet to face any consequences for their actions The United Kingdom currently has economic sanctions levelled against individuals from groups and countries all over the world,. Price: Free of charge for SwedCham Members, HKD 100 for Non-members. These entities will be listed on the Entity List under the destinations of the Crimea region of Ukraine, Hong Kong, India, and Russia. ejinsight 20220519-Fearful-of-Western-sanctions,Lenovo,Xiaomi-stop-sales-in-Russia Hkej ejinsight.com. HONG KONG, July 5 (Reuters) - Monsignor Javier Herrera-Corona, the Vatican's unofficial representative in Hong Kong, delivered a stark message to the city's 50-odd Catholic missions before . Speakers. What is the Hong Kong Autonomy Act? . Hong Kong 25: China's Xi Jinping inaugurates John Lee as leader amid high security and media restrictions; Xi Jinping arrives in Hong Kong for July 1 celebrations, makes first visit to city since 2017