Russians complain about problems with access to banking services in Hong Kong

One of Hong Kong’s largest banks, HSBC, has sent a letter to a “majority of Russian clients” to suspend retail investment services. South China Morning Post (SCMP) with reference to sources. The bank explained that this decision was made due to European Union (EU) sanctions.

The HSBC letter says that the bank cannot provide investment services to Russian citizens who are not EU residents. One SCMP interlocutor claims that this will not affect clients’ personal savings accounts and other personal services.

One of the Russians, who has been living in Hong Kong for about ten years, told the publication that now it is “almost impossible” for Russian citizens to open a bank account there. “Although China and Hong Kong have not joined Western sanctions against Russia, there are cases when Russian businessmen cannot transfer funds or open new accounts,” Russian Consul General in Hong Kong Igor Sagitov told SCMP.

The Hong Kong authorities have said that they do not plan to support unilateral sanctions of Western countries, but a sharp reduction in Russian capital is recorded in the city. In the first six months of 2022, according to the Hong Kong Monetary Authority, banks have reduced their total business with Russia by about 3,240 times, from $330 billion to $100 million.

Details – in the material “Kommersant FM” “Business is looking for a tax haven”.

Laura Keffer