Peters & Peters

Partner Michael O’Kane is quoted in the Telegraph discussing the impact of US Sanctions on China on Western banks

Western banks might have to review their operations in China due to the approval of sanctions by American politicians, due to a controversial security law that has been imposed on Hong Kong. Non-US banks could potentially be charged hefty fines under the new law. Partner Michael O’Kane said that banks are “extremely nervous about falling foul of US law” and so will ensure they are not dealing directly with anyone who is sanctioned once the list comes out. In the worst case lenders which anger the American authorities could be stripped of their crucial dollar licences. He added,  “The direction of travel of US-China relations is such that China is becoming an increasingly risky jurisdiction for banks or companies with US exposure to do business in. 85pc of the world’s trade is done in dollars, so banks may well take the view that if it’s a decision between doing business in the US or China they’ll do business in the US. It hasn’t come to that point just yet.” Read more