Cayman Government Task Force Reports On Russia Sanctions

A Cayman Islands government task force established on 16 March 2022, less than a month after Russia's invasion of Ukraine, has reported that in the past 18 months it reviewed and processed 1,226 compliance reporting forms under Cayman's Russia Sanctions regime.

As a result, two Cayman-flagged vessels have been deregistered at the direction of the Governor of the Cayman Islands and another 40 vessels have been deregistered as they were unable to meet the requirements of the Merchant Shipping Act due to sanctions restrictions.

The Cayman Islands Civil Aviation Authority, meanwhile, deregistered six helicopters and six fixed-wing aircraft.

In terms of financial assets, US$8.32 billion and EUR230.1 million have been frozen.