Common Licence issued to guard fund traders

Cayman freezes US$8.7 billion in Russian assets

(CNS) The governor has issued the first General Licence under the Russia Sanctions Regime for the Cayman Islands, which officials said allows multiple parties to undertake specified activities that would otherwise be prohibited by the Modified Regulations. An industry expert told CNS that, subject to certain requirements, this licence allows relevant investment funds to redeem, withdraw or otherwise deal with the business held by their non-sanctioned investors and to pay fees and expenses for the remaining frozen funds.

Since the Russian Sanctions Regime was implemented, close to US$8.5 billion worth of assets held here by named Russian oligarchs or related entities has been seized. But some of those on the sanctions list invest in the same funds as people who are entirely unconnected to them. This licence will enable offshore firms here to assist those innocent parties to access their cash and continue to collect the money for the work they do.

Governor Martyn Roper…