U.S. Treasury Warns Hong Kong Banks Against Transactions with Russia Amid Sanctions on 9 Individuals and 7 Entities

Dec 26, 2024, 01:33 AM

A senior U.S. Treasury official recently met with representatives from major banks in Hong Kong, warning them against any financial transactions with Russia, which is perceived as a final ultimatum from the U.S. to Hong Kong. This warning follows the U.S. Treasury's recent sanctions imposed on nine individuals and seven entities, including North Korean banks and Russian companies that facilitated the shipment of oil and gas to North Korea from 2022 to at least April 2024. In a related development, South Korea has imposed sanctions on 15 North Korean IT workers and one entity for illicit funding related to nuclear and missile development activities.