As per the US government, not abiding by these standards will affect Hong Kong’s reputation as a financial center, which can be jeopardized based on their international adherence, per The Economic Times.Officials confirmed the city has no obligation to implement US, EU, and UK sanctions on Russian billionaire Mordashov’s mighty floating resort that dropped anchor off Hong Kong a few days back from Vladivostok.“The main risk from non-participation in the sanctions initiative is that the US or other participants could eventually choose to apply secondary sanctions targeting Hong Kong-based entities that engage in business dealings with the Russian state, companies, or individuals,” Ryan Mitchell, an assistant professor and international law specialist at the Chinese University of Hong Kong, told the Post.Not even slightly intimidated by Western authorities, Russia’s richest man proudly sailed his $500 million megayacht from Vladivostok to Hong Kong at top speed with location responders on.The Lürssen behemoth reached the Vietnamese port of Da Nang, sailing under the Russian flag (earlier registered with the Cayman Islands) before re-routing to Hong Kong."