The U.S. State Department on Wednesday warned international financial institutions doing business with individuals deemed responsible for China’s crackdown in Hong Kong that they could soon face tough sanctions.
In a report to Congress, the State Department named 10 people, including Hong Kong’s chief executive Carrie Lam, all of whom have already been sanctioned, and said within 60 days it would identify financial institutions that conduct significant transactions with them.
It was the latest U.S. response to China’s actions in Hong Kong, including enactment of a new national security law this year that Washington has called an unacceptable breach of China’s “one country, two systems” commitments toward the former British colony.
The State Department report, required under the Hong Kong Autonomy Act, comes at a time when relations between the United States and China, the world’s two biggest economies, have plunged to the lowest point in decades in the run-up to President Donald Trump’s Nov. 3 re-election bid.
In August, Washington put sanctions on Lam, the territories current and former police chiefs and other top officials for what Washington says is their role in curtailing freedoms in a crackdown on the territory’s pro-democracy movement.