Beautiful Virgin Islands

Tuesday, Jun 03, 2025

VI freezes estimated US $400M in assets linked to Russia

VI freezes estimated US $400M in assets linked to Russia

The [British] Virgin Islands has begun taking all requisite steps to ensure that it adheres to its international obligations as an Overseas Territory of the United Kingdom relating to sanctions against Russia.

This is according to a release from the Government Information Service (GIS) which noted that the Territory is also complying with all sanctions issued by the United Kingdom that are extended to it by way of the relevant Overseas Territories Sanctions Orders in Council.

The release added, “Additionally, the BVI actively monitors the UK Sanctions listings published by the Foreign, Commonwealth and Development Office (FCDO), as well as the UK’s Office of Financial Sanctions Implementation (OFSI), with the Financial Services Commission (FSC) and the Financial Investigation Agency (FIA) ensuring the timely dissemination of sanctions updates to its financial services providers, designated non-financial businesses and professions and non-profit organisations.”

It said when any requests for international cooperation are received, the territory stands ready to execute.

This includes the sharing of beneficial ownership information with overseas law enforcement, under the Exchange of Notes with the United Kingdom Government under which information can be exchanged in as little as 1 hour in urgent cases.

Governor John J. Rankin CMG, whose office is the Competent Authority for sanctions in the BVI has said welcomes early moves by the territory against Russia.


Estimated $400M in assets frozen


“Since the Russian invasion of Ukraine in February 2022, the Governor’s Office, as the Competent Authority for sanctions in the BVI, has received confirmation that assets with an estimated value of more than US$ 400,000,000 have been frozen to date. These actions have been taken in compliance with freezing obligations under The Russia (Sanctions) (Overseas Territories) Order 2020,” the release noted.

Governor John Rankin CMG, whose office is the Competent Authority for sanctions in the BVI has said “I welcome early steps taken by the British Virgin Islands, to ensure it meets the sanctions requirements in response to Russia's unprovoked, premeditated and unjustified invasion of Ukraine.”

He further added,“ The Governor’s Office, along with FCDO and OFSI, continues to support and work together with the FSC, FIA, and other relevant agencies and Competent Authorities in implementing these wide-ranging sanctions measures and meeting international obligations.”

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Dutch government falls as far-right leader Wilders quits coalition
Harvard Urges US to Unfreeze Funds for Public Health Research
Businessman Mauled by Lion at Luxury Namibian Lodge
Researchers Consider New Destinations Beyond the U.S.
53-Year-Old Doctor Claims Biological Age of 23
Trump Struggles to Secure Trade Deals With China and Europe
Russia to Return 6,000 Corpses Under Ukraine Prisoner Swap Deal
Microsoft Lays Off Hundreds More Amid Restructuring
Harvey Weinstein’s Publicist Embraces Notoriety
Macron and Meloni Seek Unity Despite Tensions
Trump Administration Accused of Obstructing Deportation Cases
Newark Mayor Sues Over Arrest at Immigration Facility
Center-Left Candidate Projected to Win South Korean Presidency
Trump’s Tariffs Predicted to Stall Global Economic Growth
South Korea’s President-Elect Expected to Take Softer Line on Trump and North Korea
Trump’s China Strategy Remains a Geopolitical Puzzle
Ukraine Executes Long-Range Drone Strikes on Russian Airbases
Conservative Karol Nawrocki wins Poland’s presidential election
Study Identifies Potential Radicalization Risk Among Over One Million Muslims in Germany
Good news: Annalena Baerbock Elected President of the UN General Assembly
Apple Appeals EU Law Over User Data Sharing Requirements
South Africa: "First Black Bank" Collapses after Being Looted by Owners
Poland will now withdraw from the EU migration pact after pro-Trump nationalist wins Election
"That's Disgusting, Don’t Say It Again": The Trump Joke That Made the President Boil
Trump Cancels NASA Nominee Over Democratic Donations
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OnlyFans for Sale: From Lockdown Lifeline to Eight-Billion-Dollar Empire
Mayor’s Security Officer Implicated | Shocking New Details Emerge in NYC Kidnapping Case
Hegseth Warns of Potential Chinese Military Action Against Taiwan
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Jamie Dimon Warns U.S. Bond Market Faces Pressure from Rising Debt
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Taylor Swift Gains Ownership of Her First Six Albums
Bangkok Ranked World's Top City for Remote Work in 2025
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
White House Press Secretary Criticizes Harvard Funding, Advocates for Vocational Training
France to Implement Nationwide Smoking Ban in Outdoor Spaces Frequented by Children
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
Russia's Fossil Fuel Revenues Approach €900 Billion Since Ukraine Invasion
U.S. Justice Department Reduces American Bar Association's Role in Judicial Nominations
U.S. Department of Energy Unveils 'Doudna' Supercomputer to Advance AI Research
U.S. SEC Dismisses Lawsuit Against Binance Amid Regulatory Shift
Alcohol Industry Faces Increased Scrutiny Amid Health Concerns
×