U.S. Treasury meets with banks in Hong Kong on Russia sanctions

HONG KONG -- U.S. Treasury officials pressed Chinese and foreign banks in Hong Kong this week to comply with new Biden administration sanctions on Russia's military industry as part of a global effort to turn up the heat on Moscow over its invasion of Ukraine.

Andrea Gacki, director of the Treasury Department's Financial Crimes Enforcement Network, on Wednesday presided over two meetings that included representatives from Chinese and Western financial institutions and the Hong Kong chapter of the Association of Certified Anti-Money Laundering Specialists.