The US did this to a slate of Hong Kong administrators in 2020 for implementing China's repressive national security law. It didn't seem to act as a deterrent, as the US did it again to a different group of officials earlier this year.

https://hongkongfp.com/2025/04/01/us-sanctions-6-officials-i...

One of the sanctioned officials reportedly keeps "piles of cash" at her house.

https://news.bitcoin.com/unbanked-hong-kong-leader-carrie-la...