Hong Kong Chief Executive Carrie Lam says U.S. sanctions on her and other officials has made using her credit cards difficult - but she refuses to be intimidated.
The U.S. imposed sanctions on Lam and current and former Hong Kong officials in response to China's new security laws. The U.S. says the sanctioned individuals are suppressing freedom of speech in Hong Kong. The U.S. this month also made it compulsory for products manufactured in the former British territory for export to the U.S. to be stamped "Made in China" from Sept. 25.
Lam said her administration was looking into the matter and may initiate countermeasures at the World Trade Organization. Hong Kong says the U.S. sanctions have no bearing on her and the other officials because they don't own real estate or have bank accounts in the U.S. Assets of some 11 Hong Kong officials will be frozen by U.S. authorities and their U.S. financial transactions criminalized.
The U.S. sanctions will be inconvenient because she relies on credit cards for some financial transactions, Lam said in an interview with China's state-run CGTN. Nevertheless, the sanctions are "really meaningless."
According to the U.S. the sanctioned individuals could have their foreign bank accounts suspended, credit cards blocked and insurance coverage canceled by financial companies because of the potential penalties they could face from American regulators.
The U.S. measures are "totally unjustified," Lam said Tuesday at a news conference. Even if they prevent her from traveling to the U.S. the sanctions won't deter Hong Kong from promoting itself as an important location for U.S. businesses.
