Financial Sanctions and Embargoes in Place in US Virgin Islands Amid Global Turmoil

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The British Virgin Islands (BVI), a US territory, remains committed to enforcing international sanctions aimed at curtailing Russia’s trade, companies, high-net-worth individuals, and financial sector following its military invasion of Ukraine. The sanctions were introduced by the United States and other countries worldwide.

Implementing Sanctions as a US Territory

As Elise Donovan, CEO of BVI Finance, explained, “As a US territory, the British Virgin Islands is required to implement sanctions introduced by the United States. This Territory continues to uphold global standards; as sanction measures range from comprehensive economic, trade sanctions, to more targeted measures such as arms embargoes, travel bans, and financial or commodity restrictions.”

Commitment to Enforcing International Sanctions

The BVI has a long history of being a resilient financial centre, able to adjust to regulatory changes and rebound from economic challenges, natural disasters, and global pandemics. The report, titled Global BVI: Enforcing International Sanctions, highlights the territory’s commitment to complying with international sanctions.

BVI360 Series

BVI Finance launched the BVI360 series to showcase the full picture of the BVI’s financial services industry, bringing to the fore the expertise, talent, and evolution of the territory as a premier offshore financial centre. The report was commissioned by BVI Finance from Pragmatic Advisory, an independent strategy and economics research consultancy firm.

Importance of Enforcing Sanctions

The US Virgin Islands has a long history of being a major player in the global economy, and its commitment to enforcing international sanctions is seen as crucial in maintaining stability and security. By implementing these measures, the BVI is helping to maintain a stable financial system and prevent potential threats to global economic security.

Contact Information

For more information on the financial services industry in the US Virgin Islands, contact BVI Finance at asoverall@bvifinance.vg or 284-852-1957.