Key takeaways: 

• The United States has issued two new sanctions authorities related to Hong Kong. Though no sanctions have yet been adopted under these authorities, the actions represent a significant escalation in the United States’ response to events in Hong Kong.
• Even in the absence of new sanctions under these authorities, both U.S. and non-U.S. companies doing business in Hong Kong may face a variety of impacts, including increased compliance costs and the risk of potential conflict with Chinese law.