This content is not available in your region

Sanctioned Russians hold $1.6 billion in assets in the Bahamas, minister says

Access to the comments Comments
By Reuters

By Jasper Ward

NASSAU – The Bahamas has identified $1.6 billion in assets in its financial system linked to Russian entities sanctioned by Western nations, the Bahamas minister of state for legal affairs told parliament.

The Bahamas this month ordered a halt to all transactions with Russian and Belarusian entities under sanction after Russia’s invasion of Ukraine, and later said it had found $3 billion in assets whose owners are linked to Russia.

“There (are) three individuals identified and one company with assets valuing approximately $1.6 billion,” Jomo Campbell said on Wednesday in a statement to parliament.

“Of the assets listed above, only $7.5 million in assets are portfolio management custody assets, and the overwhelming value – $1.6 billion – are private company assets held in a Bahamas fiduciary structure, and not bank deposits,” Campbell said.

Campbell did not immediately respond to a Reuters request for details on the identity of owners of those assets.

Russia calls its actions in Ukraine a “special operation.”