【明報專訊】A superyacht belonging to a Russian oligarch that has docked in Hong Kong waters has sparked a tempest. Washington has warned Hong Kong against becoming a safe haven for "individuals evading sanctions", while the Hong Kong government has refused to comply. Hong Kong is a free port as well as a highly open economy. When faced with the unreasonable demands of the US, Hong Kong should say no. However, it should also beware of possible excuses that may be used by others to impose sanctions on Hong Kong. In the past, a major competitive edge of Hong Kong was its ability to benefit from both the East and the West. But now Singapore has become more outstanding in this aspect. The geopolitical risks faced by Hong Kong's business environment are much higher than that in the past. The authorities should think about how to maintain Hong Kong's resourcefulness even in the face of an unfavourable geopolitical environment.