Caribbean island tax haven for sanctioned Russians:

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The Bahamas has identified $ 1.6 billion in assets in its financial system linked to Western-sanctioned Russian entities, the Bahamas state minister for legal affairs told parliament, US News reported, citing Reuters.

This month, the Bahamas ordered the cessation of all transactions with Russian and Belarusian entities under sanctions following Russia’s invasion of Ukraine, and later said it had found $ 3 billion in assets owned by Russia.

“There are three people identified and a company with assets worth about $ 1.6 billion,” Jomo Campbell said in a statement to parliament on Wednesday.

“Of the assets listed above, only $ 7.5 million is in custody in an asset management portfolio, and most of it – $ 1.6 billion – is owned by a privately held company. in a trust structure in the Bahamas, and not bank deposits “, Campbell was quoted as saying by news.ro.

Campbell did not immediately respond to a Reuters request for details on the identity of the owners of those assets. Russia continues to call its actions in Ukraine “special operation.”