Cayman Islands: Position in relation to Russian sanctions
The Cayman Islands, as a British Overseas Territory of the United Kingdom has backed the full range of the UK’s sanctions imposed against Russia in light of the invasion of Ukraine. The UK’s sanctions are automatically implemented in the Cayman Islands since the Cayman Islands is an Overseas Territory of the UK.
Governor Martyn Roper has posted through his social media accounts that Cayman are expressing their solidarity with Ukraine and the people and referred to a speech delivered by the UK Prime Minister Boris Johnson.
Service providers in the Cayman Islands who are doing business with designated persons and/or entities who have been sanctioned will need to cease that business and freeze any Russian assets that are held by any Cayman Islands stakeholders (individuals or corporations).
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.
Firms are reminded that they would need to appoint local Cayman Islands counsel to advise on any aspects of the Russian sanctions legislation as extended and applicable to the Cayman Islands.
A statement from the Premier of the Cayman Islands can be found here.
Speech by Boris Johnson can be found here.
Our recent blog posts on the applicable Russian sanctions as implemented by the UK and as applies in the Cayman Islands can be found here and here.