Trap Aggressor has prepared an analytical report on how Hong Kong became a key transit hub for Russia’s evasion of Western sanctions. The report analyses how a jurisdiction with a lenient regulatory regime, fast business registration, and access to global finance is being used to supply sanctioned dual-use goods – from microelectronics to high-precision equipment – to Russia’s military-industrial complex. The research is based on trade and customs data from 2024 to 2025, company registries, open sources, and materials provided by partner organisations.

Although Hong Kong formally remains a global financial centre, its policy of “UN-only sanctions” and Beijing’s growing influence have effectively opened a “green corridor” for grey imports into Russia. This undermines the effectiveness of the EU, US, and other partners’ sanctions regimes and directly fuels Russia’s war capabilities.

The research was conducted in cooperation with The European Hong Kong Diaspora Alliance (EHKDA) and Hong Kong Watch, with the support of the International Renaissance Foundation.