Beautiful Virgin Islands

Wednesday, May 18, 2022

BVI adopts UK’s sanctions on Russia for attacking Ukraine

BVI adopts UK’s sanctions on Russia for attacking Ukraine

Following the imposition of sanctions by the United Kingdom’s government on Russia for the military invasion of Ukraine last week, Governor John Rankin announced that the sanctions would take effect in the Virgin Islands as well.
“The UK has introduced the largest and most severe package of sanctions ever imposed on Russia. Those sanctions will also be applied in the BVI, cutting off access by Putin and the Russian banks to international finances. In addition, all aircraft owned, operated or chartered by a person connected with Russia or registered in Russia is banned from flying in the air space of the Virgin Islands”, Governor Rankin said in a statement.

The governor also called the assault on Ukraine an unprecedented and premeditated attack against a sovereign democratic state.

“We must all stand united in condemning the Russian Government’s reprehensible actions, which are a fundamental violation of international law and the UN Charter,” the governor said.

“The Ukrainian flag is flying at the Governor’s Office, and we offer our full support to Ukrainian people living in the Virgin Islands, and to their families back in Ukraine. Our thoughts and prayers remain with the people of Ukraine,” Rankin continued.

Meanwhile, the Virgin Islands government also released a statement on the conflict highlighting the ripple economic impacts it may have on the territory. The statement cautioned residents to be mindful of these impacts and how they may disrupt the local industries and economy, which depend on international travel, commerce and trade.

“Residents would no doubt be aware that various countries have issued sanctions against Russia. Sanctions issued by the UK against Russia apply in the Virgin Islands in the same form and rigour as in the UK itself. As such, participants in our financial services sector are being kept abreast of these sanctions and all updates to the consolidated list of sanctioned persons and entities,” the statement read.

“Where any requests for international cooperation is received, we also stand ready to execute these, such as where sharing of beneficial ownership information with overseas law enforcement can be facilitated in a little as one hour, if requested, under the Exchange of Notes with the United Kingdom Government,” it continued.

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