The Central Bank of the Commonwealth of the Bahamas banned financial institutions of operations with Russian citizens, and also blocked the current offshore accounts of Russian companies.
The decision of the Central Bank comes from the US government’s sanctions adopted in connection with the invasion of Russia to Ukraine.
Bahamas is one of the most popular classical offshore area among Russian businessmen. Offshores on the bugs are not subject to taxation and are not obliged to take annual reporting. The country supports high confidentiality – a closed register of shareholders and directors. Information can be disclosed only by court decision.