A big faceoff erupted between the U.S. and China over sanctions against a Russian tycoon. Hong Kong’s leader, John Lee, has decided to turn a blind eye to U.S. sanctions against oligarch Alexey Mordashov. The leader of the special administrative region of China said that he will ‘only implement sanctions imposed by the United Nations’. The statement followed a warning from the U.S. that the territory’s status as a financial hub “could be affected” if it acts as a safe haven for sanctioned individuals. The war of words began after the $500-million superyacht Nord, owned by Russian tycoon Alexey Mordashov, docked in Hong Kong City. Watch this report for more information.