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Russian Companies Turn to Honk Kong Amid Increasing Western Sanctions

RUSSIA
  • Russian companies shut out of Western financial capitals are exploring Hong Kong as an alternative, stoking concern among US officials that the Asian hub will become a haven for businesses sanctioned over the war in Ukraine, Bloomberg report. A number of major Russian companies are seeking to engage with Hong Kong law firms to help anchor them in a “friendlier jurisdiction” than places such as New York and London, said Sherman Yan, a managing partner at Hong Kong’s ONC Lawyers.
  • Elsewhere, RBC report that after the adoption of the 8th package of sanctions against Russia, the value of all export and import restrictions by the EU has approached 123b euro. This is more than 40% of last year’s total turnover of goods and services between Russia and the EU.
  • President Putin meets UAE’s president in St. Petersburg and will also hold talks with the IAEA’s chief. Meanwhile, Foreign Minister Lavrov will attend the CIS foreign ministers’ meeting in Kazakhstan.
  • Current account balance data crosses today at 1400BST/1600 local time (Exp. $61.25b, Prior $76.70b).
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