84 F Clouds
Tuesday, Jun 18 2024, 06:01 PM
Close Ad
Back To Listing


International 25 Feb, 2022 Follow News


The Cayman Islands has joined the British, American and other governments in slapping financial sanctions on individuals and companies linked to the Russian government in response to ongoing the attack on Ukraine.

The Cayman Island Monetary Authority has published a ‘financial sanctions notice’ dated 22nd and 24th February in which it currently lists eight persons of Russian nationality and twelve companies originating in Russia.

It advises that compliance with the order requires to “Check whether you maintain any accounts or hold any funds or economic resources” for the persons set out in the notice.

There’s also a requirement to “freeze any such accounts and other funds or economic resources” and to “refrain from dealing with the funds or assets or making them available (directly or indirectly) to such persons unless licensed by the Governor.”

According to the CIMA failure to comply with financial sanctions legislation or to seek to circumvent its provisions is a criminal offence.

This comes as the British government has unleashed a series of economic sanctions on the Russian government and financial constraints on businesses and persons close to the government of Russian President Vladimir Putin.

In its notice, the CIMA says it acting on notice it has received from the British government’s Office of Financial Sanctions Implementation, HM Treasury.

Under Cayman Islands law, the Governor of the Cayman Islands is the competent authority for the implementation of financial sanctions in the Cayman Islands.

The Governor can however delegate authority to the Financial Reporting Authority(FRA) “for carrying out certain functions with respect to the implementation of targeted financial sanctions for terrorism, terrorist financing, proliferation and proliferation financing in the Cayman Islands.”

While there is no indication of the amount of money or value of assets involved, the UK Overseas Territories along with London - and especially the UK’s Financial District - have been extensively referred to by British MPs and in press reports as locations where Russian oligarchs have been investing or otherwise parking their wealth.

British Prime Minister Boris Johnson has unveiled what he called "largest set of sanctions ever imposed anywhere by the UK government" - targeting individuals including the Russian president and several of his wealthy supporters as well as their companies and freezing their assets.

He said more than 100 businesses and individuals will be tackled in total, including "all the major manufacturers that support Putin's war machine".

Further measures are expected in the coming days as the Russian attack on Ukraine intensifies in what the British, US European and other western governments have called an unprovoked and barbarous attack by the Russian government on Ukraine.

There are also plans by the UK government to introduce legislation to restrict how much money Russian nationals can deposit and hold in UK bank accounts.

Blocking Russia from access to the SWIFT international banking transaction system is also being considered but needs the agreement of other governments.

The government will also ban all major Russian companies from raising finance on U.K. markets and prevent the Russian government from raising sovereign debt on the financial UK markets.

Mr Johnson has called the current crisis “a defining moment in European history, with global implications.”

Despite weeks of denying that he planned to invade Ukraine Russian leader Vladimir Putin launched a vicious attack on Ukraine this week.

He later claimed that it was in defence of Russian-backed separatist regions in the east of the country which he alleges have been under siege by the Ukrainian army.

Mr Putin has also been insisting that Ukraine should not be allowed to join the NATO (North Atlantic Treaty Organisation) defence and cooperation pact.

The NATO members countries have repeatedly stated that any such membership is not pending. But they have insisted that it is Ukraine’s sovereign right as an independent country to seek such membership, and up to the NATO members to accept or decline.

The British, US, EU and other governments have condemned both the attack and the claims by the Russian leader, accusing him of executing a long-planned campaign to force Ukraine back under Russian influence.

With ominous threats coming from the Russian leader directed at countries backing Ukraine, it’s feared that the already worsening military crisis could further escalate with potentially devastating global repercussions.

Comments (0)

We appreciate your feedback. You can comment here with your pseudonym or real name. You can leave a comment with or without entering an email address. All comments will be reviewed before they are published.

* Denotes Required Inputs