Bahamas joins sanctions against Russia over invasion of Ukraine

San Juan, 14 Mar The Bahamas joined the list of Western countries that have imposed sanctions, in the form of intervention of financial transactions, on Russian oligarchs, dozens of whom have boats and other luxurious properties in the Atlantic archipelago. Bahamian media released on Monday lists of Russian millionaires who own large yachts and real estate, along with another series of agencies of different kinds from that country operating in the Atlantic archipelago, pointed out by the US authorities for their possible ties with Vladimir Putin. The initiative of the Nassau authorities means that for the first time the Atlantic Territory imposes sanctions in the absence of a United Nations Security Council resolution. The sanctions, according to Bahamas media, include a government directive for financial regulators to adopt the same restrictions imposed by the US, UK and European Union against Russian oligarchs, companies and financial institutions. The Prosecutor's Office ordered local financial regulators to search its database for any Russian citizen or entity of that country susceptible to sanctions. The Bahamian authorities have instructed that any transaction involving the Central Bank of the Russian Federation or other institutions of that nation, including any transfer of assets to such entities or foreign exchange transactions, be intervened. They warned that any transaction that circumvents, avoids, causes a violation or attempts to violate any of the prohibitions of the directive will be grounds for sanction. The Group of Financial Services Regulators (GFSR) advised against transactions with individuals, entities or companies related to Russia and Belarus. The transaction ban includes the Central Bank of the Bahamas, the Bahamas Securities Commission, the Bahamas Insurance Commission, the Bahamas Compliance Commission and the Bahamas Gaming Board. Last week, the Government of Bahamas warned local companies to be very cautious when transacting with any Russian entity. The opposition Free National Movement called on the Government of Nassau to act more decisively to defend the interests of the Bahamas. The Government of the Bahamas reported that the issue of sanctions against Russia had been discussed within the Executive after the invasion of Ukraine and that consultations were being held with all Western partners in the Atlantic Territory.