Hong Kong says it won't seize the $500 million Russian oligarch yacht docked in its waters, as there is 'no legal basis' for the move

John Lee said there was no legal basis for the city to seize the Russian billionaire's yacht.

According to data from Marine Traffic, the $500 million vessel is believed to be owned by Russia's third-richest person, Alexei Mordashov. The US, the EU, and the UK have imposed sanctions on the steel tycoon for his ties to Putin.

According to the Financial Times, the US has warned the Chinese special administrative region that it needs to adhere to international laws and standards.

Hong Kong didn't take any action against the yacht.

The city will only comply with the UN sanctions. Mordashov has not been sanctioned by the United Nations.

It's our system. Our rule of law is that. Lee said at the news conference that they wouldn't do anything that had no legal basis.

The committee of elite Hong Kongers elected Lee as the city's top leader in May. The top Hong Kong leader, along with other officials from the city, were blacklisted by the US in 2020 for their roles in implementing a national security law.

Lee hit back at the 2020 sanctions against the Hong Kong officials, saying they were "without justifications" and "barbaric."

Officials in Hong Kong do what is right to protect the interests of the country and the interests of Hong Kong. He said at the press conference that they would laugh off the sanctions.

The stance of Hong Kong on Mordashov's superyacht stands in contrast to the seizure of luxury vessels in Europe due to Western sanctions against Russia. Some of the boats belonging to Russian billionaires have been sailing to places where they can't be seized.

China did not impose any sanctions against Moscow.