Bermuda: Position in relation to Russian sanctions
The Government of Bermuda has indicated that it will follow the United Kingdom’s sanctions against Russia. Bermuda is an Overseas Territory of the UK and implements its domestic sanctions legislation, which follows the UK sanctions model closely.
Stakeholders (both entities and individuals) conducting business, especially within the financial services and aircraft sectors, in Bermuda will need to be mindful of the application of these sanctions to their business operations. Firms are reminded that they would need to appoint local Bermudian counsel to advise on any aspects of the Russian sanctions legislation as extended and applicable to Bermuda.
Additionally, the UK House of Commons Library in the publication of its paper “The UK's Overseas Territories and sanctions against Russia” (4 March 2022) stressed the importance of sanctions compliance in the UK Overseas Territories to the UK more broadly. See further here.
The statement published in the Royal Gazette can be found here.
Our recent blog posts on the UK’s sanctions imposed to Russia can be found here and here.