Shadowy Trade Operations at 135 Bonham Strand
Located on the seventh floor at 135 Bonham Strand near Hong Kong’s financial district, several companies are operating with a mysterious agenda, focusing on facilitating the illicit trade of Western technology to Russia. These companies, such as Olax Finance and Rikkon Holding, have acquired millions of restricted chips and sensors for military technology firms in Russia, many of which are subject to U.S. government sanctions.
The office of these companies, with names like Olax Finance and Rikkon Holding, seems unoccupied with a faded 704 number on the door. During a recent visit, no one answered the door, and an advertisement for air-conditioning was seen hanging in the crack of the door.
Despite their elusive nature, these companies play a vital role in connecting U.S. research laboratories to Chinese factories, Russian arms manufacturers, and the battlefields of Ukraine. This situation highlights the challenge faced by the U.S. government and tech giants in controlling the destination of their technology.
Significant Technology Flow to Russia
Since the 2022 invasion of Ukraine by Russia, there has been a substantial influx of restricted chips into Russia, amounting to nearly $4 billion from over 6,000 companies, including those located at 135 Bonham Strand in Hong Kong. This information is based on an analysis conducted by The New York Times using Russian customs data, corporate records, domain registrations, and sanctions data. The analysis delved into approximately 800,000 shipments of restricted electronic goods sent to Russia since mid-2021.
