Russians have $3 billion in assets in Bahamas, central bank says

By Jasper Ward

 March 19, 2022

10:08 PM GMT+7

NASSAU, March 19 (Reuters) - Financial institutions in the Bahamas have around $3 billion in assets whose owners are linked to Russia, the Caribbean nation's central bank said late on Friday.

The Bahamas on March 12 ordered a halt all transactions with Russian entities that have been put under sanction by Western nations. read more

The central bank found $420 million in deposits and $2.5 billion in custody or trust assets "with ultimate beneficial owners from or connected to Russia" in Bahamian financial institutions that are licensed to serve foreign clients.

Those figures apply only to the international banking and trust sector, which serve clients outside the country, and do not include any Russian assets that could be held in Bahamian banks that serve the local population, the central bank said.

It did not say what portion of those assets were held by Russians under sanction.

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

Reporting by Jasper Ward, writing by Brian Ellsworth Editing by Marguerita Choy

https://www.reuters.com/world/russians-hold-some-3-bln-financial-assets-bahamas-central-bank-says-2022-03-19/

Bahamas orders halt to financial operations with sanctioned Russian entities

By Jasper Ward

·

NASSAU, March 13 (Reuters) - 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 sanctions efforts without damaging its relatively small economy.

Reuters on Monday reported that oil and fuel tankers controlled by Russia's Sovcomflot (FLOT.MM) had been rerouted to the Bahamas after they had been unable to deliver cargoes due to the sanctions. read more

"Regulated entities, that are licensed or authorised 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 late Saturday statement 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.

Reporting by Jasper Ward; writing by Brian Ellsworth Editing by Marguerita Choy

 

https://www.reuters.com/world/americas/bahamas-orders-halt-financial-operations-with-sanctioned-russian-entities-2022-03-13/

Russians have up to $213 billion stashed offshore in Swiss banks

https://freedomvalue.blogspot.com/2022/03/russians-have-up-to-213-billion-stashed.html