The Hong Kong government has notified the US State Department that it will only enforce UN sanctions against China, Russia and Iran, not unilateral measures such as US sanctions. The State Department said in a March report to Congress, published on the department’s website.
“The United States has communicated with Hong Kong authorities … on sanctions-related matters, including actions taken by the U.S. Treasury Department with respect to several Hong Kong-registered entities under sanctions against China, Russia, and Iran. “Whereas the Hong Kong government maintained during the period under review that it would only apply UN sanctions and not ‘unilateral’ sanctions such as those imposed by the US,” the paper reported.
It is noted that at the same time, the Hong Kong Monetary Authority clarified to banks that they, although they have no legal obligation to comply with unilateral sanctions of a foreign government, should “develop and implement policies for their business in Hong Kong based on a thorough assessment of any legal, business and related commercial risks”.
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