John Lee, the chief executive of Hong Kong, said on Tuesday that the city won't seize a superyacht docked in its harbor that is linked to a Russian tycoon.
The yacht is docked in Hong Kong.
Lee told journalists on Tuesday that Hong Kong will not enforce Western sanctions because they have no legal basis.
Even though Moscow has the power to veto international sanctions, Hong Kong will comply with them.
Lee said that Hong Kong could not do anything without a court order.
The ship, which is worth $521 million, arrived in Hong Kong from Russia a week ago. The U.S., UK and EU imposed sanctions on Mordashov because of his close ties to Putin. Washington and Hong Kong sparred over the matter and the U.S. encouraged Hong Kong to impose sanctions. The status of Hong Kong as a global financial hub has been called into question by the U.S. state department.
Russian firms have been helped by Hong Kong to avoid sanctions. The introduction of sweeping new security laws, for which many officials, including Lee, have been sanctioned by the U.S. over, adds to tensions between the city's ambition to court Western business and its growing proximity to Beijing. The city's reputation as a global hub was hurt by strict isolationist policies during the Covid-19 Pandemic.
$17 billion. Forbes calculates the net worth of Mordashov. Forbes ranks him as the 81st richest person in the world, and he is one of Russia's richest men.
Russia's billionaires are trying to loosen Europe's grip on their superyachts.
Russian firms are trying to avoid sanctions.
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