Bahamas’ $3Bn In Russian Assets ‘Under 1%’ Of Sector

• Bahamas’ Central Bank Governor on Tuesday stated that nearly $3Bn in Russian connected assets held by the country’s international financial services industry represents “less than 1 per cent” of the sector’s total business. 
• As an extension of its regular surveillance, the Central Bank has gathered data from international banks and trust companies on their level of Russian business activities. The results of this exercise indicated as of February 28, 2022, this sector held approximately $420Mn in deposits and $2.5Bn in custody or trust assets with ultimate beneficial owners from or connected to Russia. 
• The Attorney General’s Office, in a statement last week, listed 22 individuals including Roman Abramovich, owner of the UK’s Chelsea football club as well as 99 private and public Russian and Belarus entities now subject to sanctions. However, the Central Bank made clear that none of this near-$3bn sum was necessarily connected to the 121 sanctioned Russian individuals and entities it named last week. 
• The Bahamas, as a major international financial centre (IFC), has come under growing pressure from the US, its major trading partner, to act in imposing sanctions over the Ukraine invasion. The Davis administration had been hoping to act in unison with other CARICOM members but has now moved on its own after a common position among the region has failed to develop just yet.

 (Source: The Tribune)