Sanctioned Russian companies are increasingly turning to Hong Kong, and Hong Kong, controlled by the Chinese Communist Party, is becoming a haven for companies sanctioned for the invasion of Ukraine.
Some large Russian companies, including state-owned ones, hope to cooperate with Hong Kong law firms to fix their companies. It is said that some of them have inquired about raising funds in Hong Kong. Russian companies are more interested in relocating certain activities to Hong Kong, and some people want to transfer some places of registration to Hong Kong but retain their business activities in Russia.
Hong Kong can be a window for Russian enterprises to obtain foreign investment, because the Chinese regime maintains friendly relations with Russia and has not imposed sanctions against Russia’s invasion of Ukraine.
When Russian yachts were seized across Europe, a $500 million super yacht owned by the sanctioned billionaire Alexei Mordashov moored off Hong Kong last week. He was the largest shareholder and Russia’s third richest man, and the communist authorities of Hong Kong believe that there is no legal basis to take action on it.
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