NASSAU, BAHAMAS — The Central Bank of The Bahamas has indicated the offshore sector holds US$420 million in deposits and US$2.5 billion in custody or trust assets with ultimate beneficial owners from or connected to Russia.
The data was gathered as an extension of regular surveillance from international banks and trust companies on their level of Russian business activities.
It follows a directive on March 12 by the Group of Financial Services Regulators of The Bahamas to Bahamian financial institutions against doing business with sanctioned persons and entities of Russia and Belarus.
The bank stated the information disclosed represented aggregates for the international banking and trust sector, and were not specific to any sanctioned interests.
“Since then, the Central Bank has received several enquiries from the Press on the amount of Russian business in the jurisdiction’s banks and trust companies,” the bank said in a statement.
“The results of this exercise indicated as at 28th February 2022, this sector held approximately US$420 million in deposits and US$2.5 billion in custody or trust assets with ultimate beneficial owners from or connected to Russia.”
The bank continued: “The greatest proportion of Russian exposure would be linked to the international sector. However, the Central Bank is currently canvassing domestic financial institutions – that is the commercial banks, money transmission business and electronic money service providers – to ascertain any level of exposure within those sectors.”
According to the UN refugee agency, UNHCR, more than a quarter of the population – some 10 million people – have fled Ukraine since the war began with Russia’s invasion on February 24.
Over the weekend, according to the UN, the death toll surpassed 902 civilians with some 1,500 injured.
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