https://sputnikglobe.com/20221015/russian-entrepreneurs-in-hong-kong-face-banking-issues-due-to-sanctions---reports-1101886645.html
Russian Entrepreneurs in Hong Kong Face Banking Issues Due to Sanctions - Reports
Russian Entrepreneurs in Hong Kong Face Banking Issues Due to Sanctions - Reports
Sputnik International
MOSCOW (Sputnik) - Russian entrepreneurs have experienced problems with banking services in Hong Kong due to Western sanctions against Russia, with one major... 15.10.2022, Sputnik International
2022-10-15T21:56+0000
2022-10-15T21:56+0000
2022-10-15T21:56+0000
russia
russian sanctions
russian economy under sanctions
hong kong
banking
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According to the newspaper's source, the Hongkong and Shanghai Banking Corporation (HSBC) sent a letter to its Russian customers in the city, notifying them that it had suspended retail investment services due to the sanctions imposed by the European Union.However, the restriction will not impact the customer's personal savings accounts or "other personal banking needs," the source told the newspaper.Western countries have increased sanctions pressure on Russia since the start of the special military operation in Ukraine on February 24. Disruption in supply chains has led to higher fuel and food prices across the EU and the United States, driving inflation to record levels and causing the cost of living to soar.
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russian sanctions, russian economy under sanctions, hong kong, banking
russian sanctions, russian economy under sanctions, hong kong, banking
Russian Entrepreneurs in Hong Kong Face Banking Issues Due to Sanctions - Reports
MOSCOW (Sputnik) - Russian entrepreneurs have experienced problems with banking services in Hong Kong due to Western sanctions against Russia, with one major banking group suspending investment services for their Russian clients, South China Morning Post newspaper reported on Saturday, citing sources.
According to the newspaper's source, the Hongkong and Shanghai Banking Corporation (HSBC) sent a letter to its Russian customers in the city, notifying them that it had suspended retail investment services due to the sanctions imposed by the European Union.
However, the restriction will not impact the customer's personal savings accounts or "other personal banking needs," the source told the newspaper.
Western countries have increased sanctions pressure on Russia since the start of the special military operation in Ukraine on February 24. Disruption in supply chains has led to higher fuel and food prices across the EU and the United States, driving inflation to record levels and causing the cost of living to soar.
