Bilateral relationship between Hong Kong and Russia remains stable. Total trade between the two economies amounted to US$4.5 billion in 2019. In the same year, around 3% or US$3.4 billion of the total trade between Russia and the Mainland of China routed through Hong Kong.
In 2019, Hong Kong’s main exports to Russia were non-ferrous base metal waste and scrap (28.4%); jewellery (27.8%); and tubes, pipes and hoses of plastics (18.4%).
In 2016, Hong Kong and Russia signed a Comprehensive Avoidance of Double Taxation Agreement (CDTA). The CDTA sets out clearly the allocation of taxing rights between the two jurisdictions and thus helps investors better assess their potential tax liabilities from cross-border economic activities. The agreement bolsters the economic and trade connections between the two places and offers added incentives for companies in Russia to do business or invest in Hong Kong, and vice versa.
In 2011, Hong Kong and Russia signed a Memorandum of Understanding (MoU) on cultural co-operation. The MoU lays a new milestone for closer co-operation between Russia and Hong Kong in culture and art.
In 2009, Hong Kong and Russia signed an Agreement on Mutual Exemption of Visa Requirements. The agreement provides visa-free access to Hong Kong SAR passport holders visiting Russia for a stay of up to 14 days. Likewise, Russian nationals also enjoy 14 days’ visa-free access to Hong Kong.
Currently, an Investment Promotion and Protection Agreement (IPPA) between Hong Kong and Russia is under negotiation.
Strengthening ties are borne out by a number of senior governmental and trade visits in recent years. In 2019, the Minister of Foreign Affairs of Russia, Mr Sergey Lavrov, visited Hong Kong and met with the Chief Executive of the Hong Kong SAR, Mrs Carrie Lam, at Government House. From 2018 to 2020, First Deputy Governor of the Bank of Russia, Mr Sergey Shvetsov, has been visiting Hong Kong and speaking at the annual Asian Financial Forum.
From Hong Kong, in 2019, the Financial Secretary, Mr Paul Chan, attended the St Petersburg International Economic Forum (SPIEF) and events organised by the Russian Direct Investment Fund (RDIF) in Russia. Together with RDIF event participants, Mr Chan also had a meeting with the President of Russia, Mr Vladimir Putin. In 2016, the then Secretary for Financial Services and the Treasury, Professor K C Chan, paid an official visit to Moscow to promote Hong Kong as a leading global financial centre and to learn more about the local development of financial technology. During his visit, Professor Chan spoke at the Moscow Exchange Forum 2016.
In 2019, 138679 visitors from Russia visited Hong Kong.
Useful information in Hong Kong
Consulate General of the Russian Federation in Hong Kong
Rm. 2106-2123, 21/F, Sun Hung Kai Centre, 30 Harbour Road,
Wanchai, Hong Kong
Tel: (+852) 2877 7188
Fax: (+852) 2877 7166