By Jasper Ward
NASSAU (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 had been rerouted to the Bahamas after they had been 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,” 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)
