UK imposes sanctions on Hong Kong trading firms over Russian energy links

The United Kingdom has imposed sanctions on two Hong Kong-based trading firms, BX Energy and Nord Axis Ltd, as part of its expanding measures targeting entities linked to Russia’s strategic sectors, particularly energy and financial services.

According to a statement published on the UK Government’s official website, both companies face asset freezes and restrictions on trust services, Caliber.Az reports.

The move comes under the UK’s Russia (Sanctions) (EU Exit) Regulations 2019 and is intended to penalise organisations allegedly benefiting from or supporting the Russian government.

BX Energy, based in Tsuen Wan, and Nord Axis Ltd, located on Hennessy Road, are accused of conducting business in the Russian energy sector — a critical area of focus for UK sanctions policy. Both were officially designated on May 9, 2025.

The UK Government alleges that BX Energy has obtained a benefit from or supported the Russian government by operating in a sector deemed of strategic significance, namely energy. Similarly, Nord Axis Ltd is accused of trading Russian oil, thereby facilitating economic activity that supports the Kremlin.

In addition to the Hong Kong firms, the UK also sanctioned Norwegian-based Romarine AS and Russia-based Soglasie Insurance Company Limited. Both entities are accused of operating in Russia’s financial services sector, another key target under the UK’s post-Brexit sanctions regime.

By Aghakazim Guliyev