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More than $400M in Russian assets frozen in VI- Premier Wheatley

- said information provided by VI to other jurisdictions also led to freezing of millions in assets elsewhere
As part of sanctions following Russia’s invasion of Ukraine in February 2022, more than $400M in Russian assets have been frozen in the Virgin Islands (VI) and millions of dollars in assets have been frozen elsewhere due to information provided to other financial services jurisdictions by the VI. Photo: VINO/File
Delivering a statement during the Sixth Sitting of the Fourth Session of the Fourth House of Assembly (HoA) at Save the Seed Energy Centre in Duff’s Bottom, Tortola on July 21, 2022, Premier Dr the Hon Natalio D. Wheatley (R7) said it was the employment of the BOSS System, which facilitated efficient information transfer about Russian affiliated holdings that led to the freezing of assets in the Virgin Islands. Photo: YouTube
Delivering a statement during the Sixth Sitting of the Fourth Session of the Fourth House of Assembly (HoA) at Save the Seed Energy Centre in Duff’s Bottom, Tortola on July 21, 2022, Premier Dr the Hon Natalio D. Wheatley (R7) said it was the employment of the BOSS System, which facilitated efficient information transfer about Russian affiliated holdings that led to the freezing of assets in the Virgin Islands. Photo: YouTube
DUFF’S BOTTOM, Tortola, VI- As part of sanctions following Russia’s invasion of Ukraine in February 2022, more than $400M in Russian assets have been frozen in the Virgin Islands (VI) and millions of dollars in assets have been frozen elsewhere due to information provided to other financial services jurisdictions by the VI.

This is according to Premier and Minister of Finance Dr the Hon Natalio D. Wheatley (R7).

More than $400m in assets frozen

Delivering a statement during the Sixth Sitting of the Fourth Session of the Fourth House of Assembly (HoA) at Save the Seed Energy Centre in Duff’s Bottom, Tortola on July 21, 2022, Premier Wheatley said it was the employment of the Beneficial Ownership Secure Search (BOSS) system, which facilitated efficient information transfer about Russian affiliated holdings that led to the freezing of assets in the Virgin Islands.

He said the Governor’s Office, as the competent authority for sanctioning in the territory, has received confirmation that assets with an estimated value of more than four hundred million dollars have been frozen as of May 11, 2022.

Info provided to other jurisdictions

“Separately, I am advised further that it is perceivable that information provided by BVI to other jurisdictions has contributed to the freezing of assets worth millions of dollars elsewhere.”

Dr Wheatley said although the figures of assests seized in “some of our competitive jurisdictions” are much higher, “we ought to be careful not to lose sight” of the fact that those jurisdictions are anchored more strongly on a base comprising hedge, private equity and other investment funds.

He said the consequence of this is that the imposition of a sanction on a single entity can sometimes be measured in billions of dollars.

“Overall, sums of dollars are not a proxy for commitment or effectiveness and we should be confident that we have done and have the resources to continue to do our part.”

Increase in requests for info

The Premier also disclosed that so far for 2022, the Financial Investigation Agency has recorded almost 500 requests for information, inclusive of requests under the Exchange of Notes.

“Whilst all of these were not specifically related to Russian sanctions there was a noticeable increase in the number of Beneficial Ownership related requests submitted between February and April this year, 2022, undoubtedly linked to the conflict between Russia and Ukraine.”

13 Responses to “More than $400M in Russian assets frozen in VI- Premier Wheatley”

  • Citizen (22/07/2022, 11:02) Like (13) Dislike (23) Reply
    This is how the UK stealing monies that dose not belongs to them. When would they be held accountable? sets of thieves and colonizers .
  • details (22/07/2022, 11:38) Like (12) Dislike (4) Reply
    of what 'assets' have been frozen that comprise this russian $400 million in the BVI need to be stated now. Yachts, land, villas, bank accounts, what??? Otherwise this $400M number is just a phony number to artificially justify the BVI Financial Services compliance with worldwide sanctions against russia.
    • Rubber Duck (22/07/2022, 13:20) Like (2) Dislike (0) Reply
      Several big Russian yachts are owned by BVI companies and trusts.
      • @rubber duck (22/07/2022, 15:59) Like (4) Dislike (0) Reply
        Yes, but I'm sure they haven't been "frozen" in the BVI, if they have been frozen at all!
  • Really (22/07/2022, 12:13) Like (19) Dislike (14) Reply
    If your smart like me you seen this coming. It's called crash the economy to bring in the digital beast system. People your money will soon be gone. Every where in the world all governments puppets are bringing down the banks to reset the world. Do you see how everything is technology? How many people really use their brains to think? When you save a number do you remember it? Do you remember your number? Do you go in a dictionary to learn things? Everyone picks up a phone or go on their computer to find out things which man programmed so people stop thinking. Your brains is no longer using. You stop asking questions like why is this government giving an experimental mRNA/RNA vaccine that does not stop you from catching covid but instead COVID-19 is being injected into you to stop the virus when it recognize it. Make this make sense because I can't wrap my head around this crap. Only critical thinkers will understand this. This is some very dangerous times we're living in.
  • josiah'sbay (22/07/2022, 12:30) Like (2) Dislike (5) Reply
    Who authorize and instituted the sanctions? Being that financial service is one of our main pillars was our economical situation a consideration when those decisions were made? Was there any correspondence to the people as to why the sanctions were instituted or if they would have any negative consequences for the territory?
    • @josiah'sbay (22/07/2022, 16:02) Like (4) Dislike (1) Reply
      Duh - they are worldwide sanctions.....
      • ... (23/07/2022, 00:50) Like (3) Dislike (2) Reply
        Nope its purely US & European in addition to their puppet colonies. Big white stick gun boat diplomacy at work. facts.
  • ... (22/07/2022, 15:14) Like (2) Dislike (5) Reply
    No African country has involved themselves but the BVI has no choice. He is defending financial services but there is little hope for independence while being beholden to the international pressures of that industry.
  • Idea? (22/07/2022, 23:04) Like (2) Dislike (2) Reply
    Why cant these assets be sold and the money used for schools and the hospitals? The AG could appoint a receiver via the commercial court to do it.

    Why freeze them? Sell them.
  • Billy Kimba (26/07/2022, 08:20) Like (0) Dislike (0) Reply
    You all following worthless Amerikkkan ideology It's cool but Russian revenge will be a dish serviced ice cold. I can't wait.


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