finance industry

Bahamas orders halt to financial operations with sanctioned Russian entities

Reuters
Bahamas orders halt to financial operations with sanctioned Russian entities

SOVCOMFLOT. The logo of Russian state shipping company Sovcomflot is seen on the multifunctional icebreaking standby vessel Yevgeny Primakov moored in central Saint Petersburg, Russia, February 3, 2018.

Anton Vaganov/Reuters

It is not immediately evident how much Russia-linked money is held in Bahamian financial institutions

NASSAU, Bahamas – The Bahamas has ordered its financial institutions to halt all transactions with Russian entities that have been put under sanction by Western nations, the country’s financial regulators said in a statement.

The government of the Caribbean nation has vocally condemned Russia’s invasion of Ukraine, but appears to remain conflicted over how aggressively it can participate in sanctions efforts without damaging its relatively small economy.

Reuters on March 7 reported that oil and fuel tankers controlled by Russia’s Sovcomflot had been rerouted to the Bahamas after they had been unable to deliver cargoes due to the sanctions.

“Regulated entities, that are licensed or authorized to operate from or within the Bahamas, [are directed] not to engage in transactions with sanctioned persons, entities, or business linked to Russia and Belarus,” reads the statement late Saturday, March 12, signed by the central bank and four other regulatory agencies.

It was not immediately evident how much Russia-linked money is held in Bahamian financial institutions.

Regulatory agencies, including the central bank, have not responded to requests for details on local banks’ exposure to Russian funds. – Rappler.com

Add a comment

Sort by

There are no comments yet. Add your comment to start the conversation.