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Russian Firms Turn to Hong Kong in Bid to Avoid Sanctions

  • HK law firms fielding inquiries from Russian firms on business
  • US warns city’s reputation as financial center is at risk
Bloomberg business news
WATCH: Russian companies shut out of Western financial capitals are exploring Hong Kong as an alternative. Kiuyan Wong reports.Source: Bloomberg
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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.

A number of major, including state-owned, 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.