Cayman freezes $7.3 billion in Russian assets

The Cayman Islands has frozen assets worth US$7.3 billion under the Russia sanctions enforcement, Report informs, citing Cayman Compass.

Cayman applies UK sanctions and has made more than 800 asset freeze designations against Russian individuals and entities.

The Cayman Islands government has established a task force to coordinate the implementation of the sanctions imposed on Russia in response to its war in Ukraine. The main purpose of the task force is to discuss and decide on policy and communications arising from the ongoing sanctions, the government said in a press release. In addition, the task force includes representatives from the Governor’s Office, the Ministry of Financial Services and Commerce, the Cayman Islands Monetary Authority, the Civil Aviation Authority, the Maritime Authority, General Registry, Land Registry, Customs and Border Control, and the Cayman Islands Bureau of Financial Investigations.

The task force meets every week to review development and determine actions that need to be taken by each agency, domestically and internationally.