Financial institutions ordered to halt all transactions with Russian entities: Financial regulators of Bahamas

In a statement financial regulators of Bahamas said, financial institutions in the country have been ordered to halt all transactions with Russian entities which have been targeted under Western sanctions.

While the Bahamas has vocally condemned Russia’s invasion of Ukraine, it would appear it remains conflicted over how aggressively it can participate in sanctions without damaging its relatively small economy.

The development comes at a time when Russia’s Sovcomflot has been told to reroute to the Bahamas after it was unable to deliver cargoes due to the sanctions.

“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,” states a signed statement by the central bank along with four other regulatory agencies.

It is not immediately clear as to how much Russia-linked money is held in Bahamian financial institutions.

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