• According to chief executive John Lee, Hong Kong will be subject to penalties imposed by the UN but not “unilateral” ones by “particular jurisdictions.”
• After Russia invaded Ukraine earlier this year, the US, UK, and EU imposed sanctions on the tycoon.
• How long the superyacht will stay in Hong Kong’s waterways is unknown.

 According to Hong Kong, the superyacht of a Russian oligarch who is the target of Western sanctions won’t be taken.

According to chief executive John Lee, Hong Kong will be subject to penalties imposed by the UN but not “unilateral” ones by “particular jurisdictions.”

Alexei Mordashov, one of Russia’s wealthiest individuals and a close confidant of President Vladimir Putin, is the owner of the $521 million (£472 million) boat.

His yacht made its way from Russia to Hong Kong last week.

But it’s not thought that Mr. Mordashov is on it. After Russia invaded Ukraine earlier this year, the US, UK, and EU imposed sanctions on the tycoon.

The administration of Hong Kong asserted that it was not subject to those sanctions. The multi-story Nord superyacht has been a noticeable presence in the city’s Victoria Harbour for about a week now, with the Russian flag flying at its mast.

According to Mr. Lee, who has been personally sanctioned by the US for his involvement in putting Hong Kong’s oppressive national security law into effect, “We will comply with United Nations sanctions; that is our system, that is our rule of law.”

Numerous Russians and their businesses have been sanctioned by the US, EU, and UK. China, on the other hand, has continued to support Russia and has not yet denounced Moscow’s decision to attack Ukraine.

According to a US State Department spokeswoman, “Hong Kong’s reputation as a financial center rests on respect to international rules and regulations.” The openness of the business climate is further called into question by the potential for individuals to use Hong Kong as a safe haven in order to avoid punishment from several different jurisdictions.

How long the superyacht will stay in Hong Kong’s waterways is unknown.

According to Mr. Mordashov’s spokesman, the steel magnate was in Moscow. He was the richest man in Russia before the Ukraine War, according to Forbes, with a fortune of $29.1 billion amassed through his steel and mining firm Severstal.

The Nord is thought to be his most valuable yacht. According to Forbes, the 465-foot (141m) yacht is one of the most opulent vessels in the world and is bigger than a football field.

The 215-foot Lady M, which the tycoon had previously lost to Western sanctions in March after it was taken by Italian authorities in the port of Imperia, was one of his lesser vessels.

Under Western sanctions relating to the conflict in Ukraine, several Russian oligarchs’ yachts have been impounded or prevented from entering European ports this year.

This has led to the relocation of such boats to regions of the world that are thought to be immune to Western sanctions, such as ports in Asia, Turkey, and the Caribbean.

Also Read

Blackouts as more Russian strikes hit a Ukrainian city

A day after Russia unleashed some of the deadliest attacks there in...