Mr Kenneth B. Baker, Managing Director and Chief Executive Officer of the Virgin Islands Financial Services Commission expressed concerns that the financial services sector in the Virgin Islands could be affected by escalating tensions in the Middle East. Photo: Facebook

As of March 2026, the Middle East is embroiled in a severe and widening conflict following U.S. and Israeli airstrikes on Iran, provoking retaliatory attacks across the region. A fire burns at the site of a collapsed building following an Israeli airstrike on Beirut's southern suburbs. Photo: Getty Images

This concern was articulated by Mr Kenneth B. Baker, Managing Director and Chief Executive Officer of the Virgin Islands Financial Services Commission, during an appearance on the Talking Points programme on ZBVI 780 AM on Monday, March 16, 2026.

"It's a concern for us because it can potentially impact levels in cooperation because we have completely incorporated throughout the world," Baker stated.

As of March 2026, the Middle East is embroiled in a severe and widening conflict following US and Israeli airstrikes on Iran, provoking retaliatory attacks across the region. Major air and sea routes, including the Strait of Hormuz, have been disrupted, affecting global logistics. Cities in Lebanon, Iran, Iraq, and Gulf states have suffered attacks, resulting in high civilian casualties, mass displacement, and significant damage to infrastructure.

Gov't suspends business travel to Middle East

Baker noted that although the Middle East is not a major business partner for the Virgin Islands, accounting for only single-digit business levels, the territory still receives some business from the region.  

"So disruption there can have a damning effect on the level of incooperation," he remarked.

The Managing Director also stated that the government has decided to suspend all business travel to the Middle East to protect staff amid the ongoing escalations. 

"You also have a lot of international conferences in that area of the world as well, and  so we've just taken a  decision this week to suspend business travel to that area of the world until this situation settles down."