U.S. lawmakers have urged Treasury Secretary Janet Yellen to reassess ties with Hong Kong’s banking sector, citing its role in violations of U.S. trade controls, including exporting sensitive technology to Russia and facilitating Iranian oil trade, the Wall Street Journal reports.
In a bipartisan letter set for public release, leaders of the House Select Committee on the Chinese Communist Party criticized Hong Kong’s shift from a trusted financial hub to a key player in the authoritarian bloc of China, Russia, Iran, and North Korea.
The letter also noted that nearly 40% of Hong Kong’s 2023 exports to Russia were high-priority items like semiconductors.
The Treasury Department and Hong Kong’s trade office have yet to respond.
