Cayman implements full sanctions against Russia
(CNS): The Cayman Islands is supporting the international effort to cut off funding for President Vladimir Putin’s war in Ukraine after the Russian army invaded the Eastern European country one week ago. In a statement about the situation, Governor Martyn Roper said this included banning aircraft owned or operated by anyone connected with Russia or registered in Russia.
Roper said that Cayman was backing the full range of UK sanctions imposed against the regime, its oligarchs and various entities.
“We are supporting in Cayman in the only way we can through the swift and effective imposition of sanctions against those who wage war against democratic neighbours,” he said.
Premier Wayne Panton has said that these sanctions are automatically implemented in the Cayman Islands and the only action the government needs to take here is to ensure that service providers in this jurisdiction who are doing business with the people and entities who have been sanctioned cease that business and freeze the Russian assets that are held here.
Speaking Wednesday evening on his bi-monthly online video appearance with Marl Road, Panton said that Russian-owned aircraft, commercial vessels and superyachts are on the registers here and so the jurisdiction will have a part to play in upholding the sanctions. He said it was not something that Cayman is taking lightly, and as a responsible player, “we must support the sanctions”.
Several luxury yachts registered on the Cayman Islands Shipping registry belonging to sanctioned oligarchs have already been seized in Europe.
While Panton said the sanctions will have a specific impact on the financial services sector, the biggest issue will be in relation to inflation, especially fuel prices. He said that Cayman needs to get away from its dependence on diesel, given that price volatility will increase the cost of living.
Panton said the government was trying to change things, pointing to the National Energy Policy, which calls for Cayman to have reduced its dependence on fossil fuels by 70% by 2037, which is just 15 years away.
“Obviously, we are behind on that,” he said but noted that he has reappointed a new energy board to oversee that. He said the creation of his sustainability ministry brought “a new focus” to accelerate the required change and to try to introduce stability to energy costs as well as reduce our carbon footprint.
But he also claimed there was little that this jurisdiction can do about energy costs in the short term. OfReg has some tools it could deploy, he said without explaining what these are. To date, in its more than four-year history, OfReg has never made any move to address prices at the pump.
Panton warned that Cayman will feel the impact of the global situation caused by Russia’s invasion of Ukraine and that the government has to think more about what it can do to address the inflation that it will cause.
He said that he wanted to introduce a delay on local bank interest rate increases here, following an increase in the US, which is what usually triggers an immediate change here. He spoke of rolling out a three-month delay to give people here a chance to adjust to an increase in their loans and mortgages.
In his statement about the unprovoked attack on Ukraine, the governor said Russia was an international pariah and the global community was standing against Putin’s regime in solidarity with Ukraine.
While sanctions may prove to be difficult for everyone, Roper said the Russian government’s attempt to conquer an independent state by force of arms is an attack on the security and freedom of Europe, but it goes much further than that.
“It’s an attack against the international order, and its impacts, particularly if President Putin were to prevail, will be felt globally should dictators, and those who see themselves as the ‘strong’ set against weak neighbours, believe they can act with impunity,” he said, noting the global and local support for the
Ukrainians. who despite the overwhelming odds against them, are still resisting.
The Cayman Islands has joined the UK Overseas Territories in hoisting the Ukrainian flag, to fly alongside the Union Jack and the Cayman Islands National Flag at the Government Administration Building (GAB) on Elgin Avenue. The Ukrainian flag will fly daily until Commonwealth Day on 14 March.
- Fascinated
- Happy
- Sad
- Angry
- Bored
- Afraid
Category: Eastern Europe, Politics, World News
With brent crude hitting $140 per barrel and analysts looking at $200 plus in weeks ahead, the PACT regime must take priority action to complete the safe north-south and east-west bicycle corridors that have been mandated by NRA’s own guiding documents since 2005. There’s no acceptable excuse to keep putting-off necessary health and safety considerations for carbon neutral transport infrastructure.
Then we are looking at massive electrical bills.
Guess that’s what we get for registering Putin’s yacht here and also registering the company that crews Putin’s yacht too.
This is not going to look good for us.
Big story today about this in the New York Times and Putin’s yacht seized in an Italian port.
8:56, did you actually read that article? It is called “Putin’s yacht” by locals there but is not definitely known to be owned by him. It could well be a Middle East billionaire, another suspected owner. But yes, we are being spotlighted…again…because so many of these hideously wealthy people register their mega yachts here, something the Maritime Authority has boasted about in the past.
8:56, I happened to have been on a diving vacation in the Maldives 6 years ago. I saw the exact same massive yacht and was very interested because it was flying the Cayman Islands flag. The helicopters were flying regularly in the time we were there on and off but the most interesting thing was talking to locals in the diving community they said “It’s Putin’s yacht. “
I am led to believe there is something to this story.
It would be very unusual for a Middle East billionaire to have an all Russian crew.
Their yachts are usually crewed by Brits in my experience in other parts of the Caribbean.
“He said that he wanted to introduce a delay on local bank interest rate increases here”
Another meaningless comment that will go nowhere. Just more talk about helping the common man but nothing will happen. He is in a position to do it but won’t. Interest rates to increase next week.
Did Panton really suggest that he will be introducing monetary policy to limit the predatory activity by local banks in relation to interest rates? Would love to hear more about that Premier.
And learn what that implies for the peg of CI$ to USD. Although he probably hasn’t got that far in his thinking
It will have no effect at all since it’s a pegged currency with trading in it effectively limited to people using it solely for the domestic economy. It’s not as if market pressure or George Soros is going to put the peg under strain.
This is a major problem in the Cayman. Hope it gets sorted soon.
It’s the least they could do especially when British interest right here helped finance Mr Putin’s War Machine ain’t that right Gov You know what time it is eh!
Full sanctions implies that this is the limit of the interventions possible. But that’s not true is it? We could do more, and probably will once ordered to do so. It would be better for us and our abysmal international reputation if we tried to get ahead of those phone calls.
If not…Well, the KleptoCapture Task Force will be HARD AT WORK.
https://www.justice.gov/opa/pr/attorney-general-merrick-b-garland-announces-launch-task-force-kleptocapture
What are the Cayman Islands prepared to do to stop the Russian-aligned, and already embargoed Venezuelan tankers plying our waters, hauling the most desired light sweet crude to authoritarian-allied refineries in Cuba? For that matter, why are we still flying CAL to Cuba at all? Our global contribution optics in this fight remain pretty superficial in scope as we say one thing, while cozying-up with despot regimes. China has so far holstered their ambitions for Taiwan, Spratly’s and Mongolia, but they could open several more fronts at any time. We really have to pick a side and take a tougher stance in what’s unfolding. Preferably before being ordered to do it.
Cuba and Venezuela are supporting Putin
*cough* South Africa *cough*
South Africa has not covered itself with glory.
Disgraceful.
Cuba abstained at the UN vote.
Me too.
LOL. Because our 12 mile limit is going to have an impact on that trade? You do realize that Cayman isn’t even in a straight line between Venezuela and Cuba? Probably why on any given day you don’t see any of those Venezuelan tankers “plying our waters”.
You must mean the International Waters?
What now…Cayman Airways should avoid Cuba’s airspace? Is it that time already?
Hardly all you can do Panton and Roper. We actually have an outsized ability to make a diffence. Roper you should implore your UK government to freeze all Russian connected assets in all the OTs and crown dependencies immediately and that includes shares and debt in companies, beneficial interests in trusts, registered ships, aircraft.
Russian oligarchs, like the despots they serve, and other international authoritarian kleptocrats, pay to use premium clean top-tier nominees in all the global financial centres they carry active interests of value. Billions in laundered/obscured real estate holdings, bought through disposable nominee companies, enjoying the same degree of anonymity as our least favourite developer.
Like Cayman had a choice in any of this.
If you read above, you’ll see that is what the premier said.
Is the Island aware that there are some Russian nationals living in Cayman under work permits and work in professional environments who have been outspoken about their support for Putin and have increasingly been verbally aggressive towards the Ukranian nationals on the Islands.
It is a sad day that persons who bring their political beliefs to this Island and espouse support for known autocrats like Putin are allowed to remain. Perhaps now is a time to show solidarity through actions such as perhaps cancelling work permits if needed. This time in the world people must make tough choices of which consequences could be severe
Yea even the Russians can get jobs here, once they are not Caymanian they are good to go
2037 LOL!!!
This article is not forward-thinking, proactive or demonstrating initiative – plenty of options out there in regards to green energy and we can do better.
The flag photo op is a bit tone-deaf.
Taking a photo with a flag doesn’t really help.
It’s a start.
More ideas are welcome so please suggest some.
You’ve only put down what you see happening instead of recommending anything else.
How about a super-heated crustal vent interaction zone offering limitless geothermal potential less than 10 miles from GT? Cayman shouldn’t have electrical utility bills or debts. Instead, we should be a major player exporting power in the form of limitless green Hydrogen and Ammonia fuel for the new fuel economy. We are the Iceland of the Caribbean. Funding available from UK Innovations Fund. It would seem there are too many leaders asleep at the wheel, shallow in mind, or being paid to ignore our unique gift horse.
great idea which unfortunately is way out of reach out the intellectual comfort of our local political sphere which for its largest part still considers the local environment as one time use. If there was any form of real concern about our environment there would be actual encouragement of rooftop solar plus batteries at the house level as well as at the utility level
while this idea looks great on paper , i suspect such a vision is way out of the intellectual comfort of our elected political class which is only too happy to force CUC’s nonsense onto the local core program participants . Solar self production and energy storage is struggling to this day to emerge as a model , such ambitious projects are unfortunately providing our local elites the perfect excuse to do as little as possible to address the environment and energy issues this little island faces today especially in terms of sustainability. Again and again cayman as stalled initiative for the lack of local technical know how .
11.30pm And Kenneth has to be in every photo op. Is he ever actually in office working?
It would be great to see Russian sanctions include exclusion from the SWIFT banking system.
Unfortunately, the Chinese have developed a fund transfer system (similar to SWIFt banking system), which it has now offered to Russia in order to transact monetary transactions.
China might, at least in the near future, be a greater threat to democracy and the rule of law than Russia.
I feel so bad for the Ukrainian people, who are victims, and pray that this persecution stops.
2037 is the goal for 70% reduction? I’m not sure if this is a joke, but it is embarrassing.
Why doesn’t the Cayman Islands government actually implement a positive ambitious change for once. 2027 should be the deadline and 100% removal of reliance on diesel should be the objective.
Install elevated solar power farms in East End that don’t require any destruction of the local vegetation. It’s not rocket science.
With affordable power businesses that want to implement vertical farming or other environmentally friendly practices would actually be able to operate locally, enabling more local businesses to flourish. Of course we know those in power here are selfish and want to ensure that their CUC stock returns the annual dividend that they are accustomed to, even as power is too expensive for a large percentage of the population.
The greed on this island is shocking.
100%. Successive governments woefully lacking in ambition and imagination.
You could easily get people out of their cars by providing half decent public transport and safe cycle routes. eBikes have already begun to proliferate and would be ubiquitous given the individual health and financial benefits if only the roads were safer.
The government should close two lanes on West Bay Rd and South Sound Road all the way from Fosters Republix to Hurley’s roundabout and leave only southbound traffic. That would allow a lovely wide promenade for cyclists, runners and walkers and improve quality of life for everyone, not to mention uninterrupted southbound traffic flow. (Northbound is redundant, take LPH, Walkers and ETH).
You will never get people out of their cars if we’re not willing to trade an ounce of inconvenience to car owners for a pound of benefit to other road users.
Good talking points but it’s just a pipe dream when you consider the electricity monopoly’s gatekeeper OfReg. They were put in place to keep the status quo rather than facilitating a transition to renewables. The 2037 target is pie in the sky.
Our local successive non kgovernments have signed themselves into a monopoly in terms of power generation and distribution of et
Putin will certainly give up now…
These three clowns pretending like they took the initiative 🙄
Like most of our politicians, completely lacking initiative.
Which three clowns are you referring to?
So why doesn’t the Governor talk about the USA still buying oil from Russia on a daily basis. If the USA is buying billions of dollars in oil from Russia every month – then why don’t the Cayman Islands support sanctioning USA officials who allow and help sponsor the Russian war effort. Double Standard much.
Oh BTW CNS – fact check me on all my assertions about USA buying Russian oil – even Biden says he is not going to stop it!!!!!
CNS: U.S. has not sanctioned Russian oil but traders avoiding it
President Joe Biden’s administration has stated it could block Russian oil if Russia continues its aggression against Ukraine. Some lawmakers from both major U.S. political parties are pressing for an outright ban on Russian imports, but cutting off that supply could cause U.S. gasoline prices to surge – while Russia keeps selling oil to China or other nations.
So the solution to banning Russian oil is get this… ready …. Reinstate the energy policies of former President Trump (where the US actually exported on and did not import any from Russia).
Exactly – would have been easier for the US to stop buying oil under Trumps policies. Biden unfortunately screwed the US on this one.
6:38, Not true. In 2020 the last year of Trump’s rule USA imported 27.7 million barrels of oil from Russia.
Russian oil imports went up every year during Trump’s 4 year rule.
You need to listen to CNS, poster. It’s a bit more complicated than what you imply
CNS: Reuters. I just linked it.
Sorry I meant your reply with the real story. Thanks for always keeping the truth readily available.
Ukraine And Russia Agree On Humanitarian Corridors https://www.youtube.com/watch?v=nel9QdmniXI
Beautiful young Russian-Ukranian-Polish-Belarussian speaks TO YOU.
Anastasia
I have all these blood in me. [How] Can you divide me?
https://www.youtube.com/watch?v=wh84hrS5mm4
Yes.
It’s not ancestry which is important but convictions and actions of each individual.
Freeze the assets and never let them back to Cayman.
Don’t the Americans kill innocent people all over the world?
Obamas drones murdered thousands
Your “whataboutism” isn’t really helpful at this time.
Your comments imply that we should just let Russia continue murdering innocent civilians.
Presumably the Rasputinbot will try to hijack this story’s HYS too. If he has recovered from all the thumbs down.
Russia has been a nuisance to world order since 1945. About time something was done.
Dear 10:35 am,
A nuisance? Well…..I have never considered Russia a nuisance, but perhaps we just think differently. I never thought any good thoughts about the Ukraine’s leadership, however. Their leadership was “hoorray for us and fug you.
Interesting just waiting to see our FBI sorry CIBFI 😂😂starti freezing all these Russian ships registered under the Cayman flag.
Isn’t it really time to de-register them? According to Conyers, a ship registered in the Cayman Islands is a “British Ship” entitled to fly the red ensign flag and is afforded protection through the Royal Navy and its allies, together with access to an unparalleled diplomatic and consular network worldwide. In other words there are superyachts out there belonging to Russian oligarchs, sailing under a British flag and claiming to be British. How mad it that?
Old Kenneth loves a photo opportunity. Probably didn’t even know where Ukraine was
UKRAINE IS! GLORY TO UKRAINE!
I had to laugh. I felt bad doing it. But I had to.