When a sanctioned Russian oligarch’s superyacht anchored in Hong Kong waters in 2022, Chief Executive John Lee made clear the city would not enforce international restrictions it deems unilateral, a move criticized by some as an invitation for sanctions evaders to set up shop. | REUTERS

Last week, finance ministers and senior officials from across the region gathered in Hong Kong for the Asia-Pacific Economic Cooperation Finance Ministers’ Meeting. The venue was troubling as Hong Kong has become the world’s capital of sanctions evasion that supports the regimes in Russia, Iran and North Korea. A new report from the Committee for Freedom in Hong Kong (CFHK) Foundation, where I serve as U.S. director, reveals just how fully the city has embraced that role.

Released on Oct. 19 and timed to the APEC talks, “ Safe Harbor for Sanctions Evaders: Hong Kong’s Brazen Support for Iran and Russia ” picks up where our 2024 study, “Beneath the Harbor,” left off. The conclusion is stark.…