With much of the world now effectively closed to Russian investment, Russia is increasing its historic interest in its next door neighbour China, including Hong Kong, as an environment in which to create economic partnerships.  Bilateral trade between Russia and China was reported as rising 90% year on year in 2024 to US$245 billion, with US$3.3 billion of that focused on Hong Kong. Russian companies are keen to engage in Hong Kong's infrastructure projects and its entrepreneurs are increasing their involvement in the manufacturing sector. But greater Russian investment into Hong Kong brings heightening risk for local trading entities of breaching international and particularly United States sanctions. We predict those issues will increasingly come to the forefront of corporate risk teams' concerns while businesses in Hong Kong look to take advantage of improved trading opportunities.