The targeted people will have any property and assets in the US frozen. But it’s not clear whether any of the sanctioned officials will be affected financially. Luo Huining, the director of the Liaison Office, said that he doesn’t have any assets or property in any foreign countries.
No ObligationHong Kong Monetary Authority, the city’s banking regulator, said local banks have no obligation to follow US sanctions under Hong Kong law and the lenders should treat customers fairly in assessing whether to continue to provide services to an individual.
Another regulator, the Securities and Futures Commission, said that in considering the implications of the sanctions, intermediaries are expected to “carefully assess any legal, business and commercial risks that they may be exposed to,” adding that it expects any response to the restrictions will be necessary, fair and in the interest of the “integrity of the market.”