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ARTICLE · 22 MARCH 2024

Cayman Islands And BVI Sanctions Update – New Licensing Grounds For Russia Related Divestments

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New specific licensing grounds available under Cayman Islands and BVI Russia sanctions will pave the way for Cayman Islands and BVI investment funds...

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New specific licensing grounds available under Cayman Islands and BVI Russia sanctions will pave the way for Cayman Islands and BVI investment funds and other entities to divest their frozen assets in Russia as well as remove sanctioned interests from their ownership structures.

The UK has introduced new divestment specific licensing grounds in its Russian sanctions regulations which came into effect on 15 December 2023. The relevant Order in Council to extend these new grounds to British Overseas Territories, including the Cayman Islands and the BVI was made on 13 March 2024 and comes into force on 14 March 2024.

The new licensing grounds enable a Cayman Islands or BVI entity to apply for a specific licence to allow it:

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