(CNS): The Cayman Islands Monetary Authority and the Financial Reporting Authority have issued notices to the financial services sector. These are based on directions from the UK Treasury’s Office of Financial Sanctions Implementation and outline the latest sanctions imposed by the UK on individual wealthy Russian oligarchs.

The list includes President Vladimir Putin, Russian foreign minister Sergei Lavrov as well as various Russian banks and institutions. The move is part of the international response to Russia’s invasion of Ukraine on Thursday.

The latest notices outline what financial firms here must do if they maintain any accounts or hold any funds or economic resources for the people and entities named.

Corporate service providers, lawyers and others working with any person or entity on the list must freeze accounts or other assets, refrain from dealing with the funds or assets or making them available, and report any findings and information relating to the assets to the Financial Reporting Authority. Firms here are reminded that it is a criminal offence not to comply with the sanctions requirements.

On Monday, the Financial Reporting Authority, issued an additional Financial Sanctions Notice based on another update to the list by the UK adding three more banks. The FRA has also published all of the details of the sanction orders issued this month against Russia on its website here.

CNS has asked the authorities a number of questions about the Russian business that Cayman may be involved in but has had no response. Given the privacy laws, there is no way for the press or public in Cayman to see the extent of assets registered here that relate to Russian individuals or entities that have been sanctioned, including Putin, Lavrov or any of the other well known Russians, such as the owner of Chelsea football club, Roman Abramovich, who has not yet been sanctioned but is believed to be in the firing line.

While it is understood that wealthy Russians could hold a considerable amount of real estate in the Cayman Islands, the figures are not available since many of them are owned by offshore companies. It is not clear whether these sanctions enable the seizure of the mega-yachts flying a Cayman flag that are owned by Russian oligarchs who are on the sanctions list.

Meanwhile, more than a week ago and before the invasion, because of concerns about corruption the UK scrapped its “golden visa” system that allows wealthy foreigners a fast track to live in the UK, which many Russians had used.

It is not clear if any Russians have taken advantage of Cayman’s Global Citizen Programme or its permanent residency through independent means, and if so, if any of them will be revoked as a result of the current circumstances.