N@N

U.S. warns Hong Kong banks over deals with Russia

The U.S. has issued a warning to banks in Hong Kong regarding their dealings with Russia, cautioning that they could face sanctions for facilitating transactions that help Russia evade Western sanctions. This advisory comes amidst heightened tensions due to the ongoing conflict in Ukraine, where the U.S. and its allies have imposed extensive sanctions on Russia. The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) has highlighted the risks of secondary sanctions for financial institutions that engage in activities supporting Russia's military-industrial complex. This move is part of a broader strategy to tighten the economic screws on Russia by targeting its financial lifelines, including through Hong Kong, which has become a significant hub for Russian trade and finance due to its relatively open business environment. The warning underscores the geopolitical chess game where economic measures are used to influence international relations and enforce global compliance with sanctions regimes.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/politics/government/u-s-warns-hong-kong-banks-over-deals-with-russia/ar-AA1w5JdK ]