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Russia Used British Overseas Territories to Evade $8 Billion in Sanctions
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![Photo of Ivan Khomenko]( "Photo of Ivan Khomenko")
Between February 24, 2022, and January 2025, Russia conducted at least $8 billion in trade through companies registered in British Overseas Territories (BOTs).
According to a report by Transparency International – Russia titled “Overseas Sweets,” more than 29,000 foreign trade operations were executed during this period, despite the introduction of international sanctions following the full-scale invasion of Ukraine.
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The investigation, based on an analysis of Russian customs data, reveals that over 90% of these transactions were linked to the British Virgin Islands (BVI) and Bermuda.
According to the findings, the BVI appeared most frequently in export operations, which the authors suggest indicates a “special priority” for Russian firms seeking to obscure revenue.
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The trade involved a wide range of high-value commodities and luxury goods, including:
Energy and Raw Materials: oil products and coal sourced from occupied Ukrainian territories;
Aviation and Maritime: helicopters, business jets, and luxury yachts;
Restricted Metals: lead and zinc shipments that fall under current UK trade restrictions.
At least 160 cases of yacht movements to and from Russia were recorded between 2022 and early 2024. These vessels often moved between Turkish ports and Russian-controlled hubs, including Sochi and ports in temporarily occupied Crimea.
The beneficiaries of these offshore operations include Russian Politically Exposed Persons (PEPs), major state enterprises, and the new owners of assets formerly held by Western companies that exited the Russian market after 2022.
Because BOTs have adopted the United Kingdom’s sanctions framework, Transparency International – Russia notes that these operations potentially signify direct violations of the sanctions regime.
Earlier, on February 20, Financial Times reported that a UAE-linked network of 48 companies had moved at least $90 billion worth of Russian oil, based on leaked emails tied to a shared private server.
The structure helped disguise the origin of crude associated with Rosneft and may complicate enforcement of Western sanctions, with EU officials saying the findings could inform future restrictive measures.
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-72b63a4e0c8c475ad81fe3eed3f63729.jpeg "Photo of Cyril Barabaltchouk")
