US Treasury Department officials visited Hong Kong in June 2023 to urge the central bank, law firms, consulting firms, industry groups and financial institutions to make greater efforts to limit the flow of American technology and goods to Russia, it said Nikkei Asia.
The meetings reportedly came just days before US Secretary of State Antony Blinken visited Beijing to express “continued concerns” about Chinese companies supplying Russia with technology used in the country’s war against Ukraine could.
During the June 15-16 meetings, held by three officials from the Treasury Department’s Bureau of Terrorist Financing and Financial Crimes (TFFC), US officials asked banks and regulators to identify American high-tech items that are over Hong Kong were shipped to Russia. according to sources who spoke to Nikkei Asia. Speakers from HSBC, the Bank of China Hong Kong, the Association of Certified Anti-Money Laundering Specialists (ACAMS), Standard Chartered and the Hong Kong Monetary Authority attended the meeting, according to two Nikkei Asia sources.
Treasury officials also met with officials from the United Arab Emirates, where commercial activities are said to be “fueling” Russia’s war effort, according to Nikkei Asia sources.
Several documents were exchanged during the meetings, including a list of 38 items designated as “high priority dual-use items” – products that can be used for both civilian and military activities. Treasury officials reportedly told attendees to improve their due diligence on transactions involving items that could be on export control lists, the sources said.
“The majority of sensitive dual-use items sent to Russia came from China, followed by Taiwan, the EU, Malaysia, the US and Israel,” the document, seen by Nikkei Asia, said. “Most Chinese goods.” were shipped directly to Russia, as were some goods from third countries. However, some items were shipped through hubs such as Turkey, EU, Maldives and UAE. We call on businesses, financial institutions and government regulators to work to prevent the shipping or transhipment of the following types of goods to Russia or Russia-related companies.”
Neither the Treasury Department nor the US Consulate in Hong Kong responded to requests for comment.
