Bahamas Orders Halt of Financial Dealings with Sanctioned Russian Entities

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NASSAU, March 13 (Reuters) – The Bahamas has ordered its financial institutions to halt all dealings with Western-sanctioned Russian entities, the country’s financial regulators said in a statement.

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

Tankers and tankers controlled by Russian company Sovcomflot (FLOT.MM) were redirected to the Bahamas after being unable to deliver cargo due to sanctions, Reuters reported on Monday. Read more

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“Regulated entities, which are licensed or authorized to operate from or within The Bahamas, (are instructed) not to engage in transactions with sanctioned persons, entities or businesses related to Russia and the Belarus,” read the Saturday night statement signed by the central bank and four other regulators.

It was not immediately apparent how much Russian-related money is being held in Bahamian financial institutions.

Regulatory agencies, including the central bank, did not respond to requests for details on local banks’ exposure to Russian funds.

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

Our standards: The Thomson Reuters Trust Principles.

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