Key CIG agencies monitoring Russia sanctions

| 10/03/2022 | 22 Comments
Cayman News Service
Flags of UK, Cayman and Ukraine fly outside GAB

(CNS): The Cayman Islands Government says that key agencies have been actively monitoring their respective books of business for any possible connections with individuals, companies and other entities that are subject to the Russia sanctions. These entities include the Maritime Authority of the Cayman Islands (MACI), General Registry, Civil Aviation Authority (CAA), Lands & Survey Department and CIMA.

Premier Wayne Panton said the government joined the UK and its Overseas Territories in support of the people of Ukraine. “It is our responsibility to enforce the Russia sanctions. We continue to hope and pray that this conflict is quickly and peacefully resolved to avoid further loss of innocent lives in Ukraine,” he said.

The Cayman authorities are automatically obligated to extend all sanctions imposed by the UK to this jurisdiction, with all sanctions and regulations having an immediate effect once a relevant order in council comes into force.  

The Russia (Sanctions) (Overseas Territories) Order 2020 and The Russia (Sanctions) (EU Exit) Regulations 2019 (the Regulations) have been in force in the Cayman Islands since 31 December 2020. 

Cumulatively these Regulations provide for, amongst other things, the freezing of funds and economic resources, including assets such as aircraft, real estate and yachts of designated persons, entities or bodies involved in destabilising Ukraine, undermining or threatening its territorial integrity, sovereignty or independence, or obtaining a benefit from or supporting the Government of Russia.

The UK has recently published a list of designated persons, entities or bodies that are subject to sanctions. Since 22 February 2022, a total of 19 named individuals and 18 named entities have been included on the list. This list is also enforced in the Cayman Islands.

Financial sector industry stakeholders are all required by law to report to the Financial Reporting Authority (FRA), where there are activities that are impacted by the sanctions. “The government has been assured by stakeholders that they have been actively monitoring the ongoing impact of sanction activities,” officials said.

All the details of the current sanctions will be updated and posted on the FRA and CIMA websites, as advised by the Foreign Office.  

In the statement, which appeared to be designed for the international media, Governor Martyn Roper said the CIG and people of the Cayman Islands were shocked by Putin’s invasion of Ukraine and were watching with horror as the conflict unfolds.

“The Cayman Islands has fully imposed all of the Russia sanctions and will continue to do so as the list of sanctioned individuals and entities grows. The Cayman Islands is fully committed to good governance, democracy and support of peace around the world,” he added.

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Category: Eastern Europe, Local News, World News

Comments (22)

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  1. Hancock says:

    Per chance Putin is short for Rasputin? Just wonderin.?

    • BWindsor says:

      Very good Hancock. You are a breath of fresh air.

    • Hubert says:

      Better get ready because a lot of the Russian oligarchs have hedge funds registered in the Cayman Islands.

      This is not going to be good PR for Cayman.

      • Hancock says:

        Yes but so far no CIMA action. Plus private funds and real estate investment. Presumably out government is looking into all of this.

    • Sir Humphrey says:

      When is the CIG going to de-register the more than a dozen Russian oligarchs yachts who fly the Cayman Islands flag?

      C’mon Cayman do something.

  2. Anonymous says:

    What were they doing before?

  3. Anonymous says:

    Most of those departments couldn’t find there way out of a small paper bag let alone trace Russian connections.

  4. Anonymous says:


  5. Anonymous says:

    Not so with UAE, fast becoming another global pariah emirate state. Unfortunate that we just linked arms with them weeks ago.

    • Hubert says:

      Not a pariah state when the UAE has agreed today to pump more oil and help get the U.S. and Western Europe off Russian oil.

      • Anonymous says:

        The UAE was added onto the FATF Grey list a few days ago. Also, the US is a net exporter of oil and refined gasoline, and doesn’t need a drop of Russian oil. The world is actually awash in oil, but the bottleneck is refining capacity, and two years of shuttered production. At times like this, the OPEC members, who ritually cheat on quotas, are rubbing their hands together with glee, ready to exploit the circumstances in bad faith.

        • Anonymous says:

          Who cares if they’re on the FATF Grey list. All those lists are a complete political joke. We do more AML than anywhere in the world and we’re on grey black and purple lists all the time.

        • Johnny Canuck says:

          No the bottleneck is not / not refining capacity. The problem is that a lot of American oil refineries can only handle Russian / Venezuelan crude oil not Canadian or American.

          That is the reason some American refineries require Russian oil. It also is why there was a sudden diplomatic opening last week between U.S. and Venezuela.

          Choose your poison.

      • Anonymous says:

        UAE murdered 81 people yesterday. Hero’s

        CNS: Here’s a link to a map of the Middle East so that you can see where UAE is and where Saudi Arabia is and work out that they are different countries. What may have confused you is that it says “Dubai, United Arab Emirates” at the beginning of the article. This is where the AP journalist filed the report. This CNS note is intended to be a geography lesson, not a politics lesson. Also, the plural of ‘hero’ is ‘heroes’.

  6. Anonymous says:

    If Lands and Survey actually drilled down to UBOs, there would no longer be any purpose to DRCL using hundreds of nominee companies to disguise and obscure all of their land holdings and their enjoyment of treating each legal entity as a brand new unrelated customer with each PLA application. Time for all asset regulators to cut through these veils.

    • Anonymous says:

      They can start in London where it is more of a problem.

      • Anonymous says:

        Really? There are 114 senior political Putin associates, and 96 oligarchs who enrich themselves by his good graces, that’s 210 prominent Russians under the suspect list. Today, two weeks after the invasion, which was almost a year in the making, the UK has decided to only pick 7.

    • Anonymous says:

      UBOs, DRCL, PLA: please elaborate on what these irritating abbreviated initials mean.

      On another subject, I have noticed that numerous aircraft leased to Russian airlines are registered in The Cayman Islands, VP registration clearly in evidence. The aircraft are not owned by Russia (e.g. Aeroflot) but by leasing companies mainly situated in Ireland. Should Putin seize the planes, which is not impossible, where do The Cayman Islands stand.
      Just asking.

      • Anonymous says:

        UBOs = Drilling down to Ultimate Beneficial Owners
        DRCL = Dart Realty Cayman Ltd, our own untouchable billionaire
        PLA = Cayman Islands Planning Department

        The UK (United Kingdom) has only today issued sanctions against 7 (seven) of the 210 PEPs (Politically Exposed People) that are widely identified as Putin’s inner power circle. So not sure if the Cayman Islands plans to exceed the very light pressure that our mother is currently willing to bring to bear.

      • Anonymous says:

        You’re asking the wrong people.

      • Sky Fairy says:

        All UK and UK territory registered planes use the VP mark. Doubt there are any Aeroflot planes registered with VP-C (ie Cayman). However, there seem to be a good number registered in Bermuda (VP-B).

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