The recent Russia sanctions have put a lot of pressure on businesses. The United States’ response to Russian involvement in the Ukraine crisis is by preventing certain financial transactions and limiting access for companies operating internationally, especially those located near Hong Kong which relies heavily upon trade with mainland China.
The impact of the sanctions has been felt for some time to come. With many Russian businesses cutting back their operations in response, banks have begun canceling service agreements with companies dealing within rebel-held territory abroad as well – creating a difficult situation that will take months if not years before it can fully heal itself again
The recent US sanctions on Russia are a reminder for all businesses operating in or with ties to that country. It’s important not only monitor the situation closely, but also have an effective plan in place should things change suddenly – as they may do due these new restrictions!
In this podcast, Anthony Chan, partner at M.B. KEMP LLP unpacks the sanctions facing Russia and what this means for businesses in Hong Kong.