Conservative: Hong Kong — Sanctions-Buster “The U.S. can’t stop the illegal flow of oil solely by chasing tankers at sea,” warns The Wall Street Journal’s Jillian Kay Melchior ; it must also “target part of the financial and corporate infrastructure” — much of it in Hong Kong — that enables commerce in sanctioned goods. Sanctions regimes “resemble a quarantine” that halts the passage of goods and services, but Hong Kong corporate law permits domiciled firms to “have no business operations” and “

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