Hong Kong has decided not to confiscate Russian oligarch superyachts by Western sanctions.
Chief executive John Lee infers Hong Kong will remain answerable for UN embargo, but not “unilaterally” ones foisted by “personal jurisdiction”.
Credit- Global times
The boat belongs to Alexei Mordashov, an aide of Russian President Vladimir Putin and he is one of Russia’s well-known rich men.
His yacht had reached Hong Kong in recent weeks after voyaging from Russia. But Mr. Mordashov was not present on this superyacht, it is believed. The billionaire won approval from the US, the UK, and the European Union after Russia launched an invasion of Ukraine earlier this year. The Nord is assumed to be his massive boat asset. The 465-foot (141) boat is bigger than a football space and is described as one of the world’s considerably elegant boats, according to Forbes.
But Hong Kong’s administration says it is not confined by those restrictions. It’s been almost a week now, and the multi-story Nord superyacht has become a distinctive sight in the city’s Victoria Harbor, with the Russian nation’s flag flying over its pole. “We will abide by UN embargoes, this is our process, this is our principle of law,” says Mr. Lee, who himself has been permitted his role in enforcing Hong Kong’s repressive federal security law permitted by the US. Hundreds of Russians and their businesses have been banned by the US, EU, and the UK. However, China remains an ally of Russia and has not yet condemned Moscow’s decision to invade Ukraine.
It is still not entirely clear how long SuperYachts will remain in Hong Kong waters. Numerous Russian oligarchs’ yachts have been confiscated or restricted entry into European ports this year in line with Western embargoes related to the war in Ukraine. This has encouraged such yachts to move around the world to regions assumed beyond the reach of Western sanctions—including ports around Asia, Turkey, and the Caribbean.