A recent report by Transparency International has uncovered that more than 90% of transactions evading sanctions against Russia are channeled through British Overseas Territories, primarily the British Virgin Islands and Bermuda. These jurisdictions have been identified as significant transit points for Russian exports, particularly in oil products, steel, and coal, some of which originate from occupied territories in Ukraine. The report further emphasizes that the specific nature of each jurisdiction contributes to the structuring of these transactions, illustrating a complex web of financial maneuvers intended to circumvent international restrictions.

The research points out that the British Virgin Islands have emerged as a crucial hub for Russia's export operations, enabling the logistics behind the supply of essential commodities. Meanwhile, Bermuda has primarily catered to the Russian oil and gas sectors by providing local intermediaries to procure equipment necessary for drilling and gas turbine components. The Cayman Islands and Gibraltar have also played notable roles in various metal trading operations, including the supply of lead, zinc, and even gold bars, signifying the depth of these financial networks.

Additionally, Transparency International's report highlights the links between the Russian political elite and the yachting business, noting at least 160 instances where yachts are registered through offshore entities. By exposing these connections, the report aims to shed light on how the Russian elite are utilizing illicit financial channels to sustain their wealth and lifestyle, despite the ongoing sanctions imposed by Western nations. The implications of this report could prompt further scrutiny of offshore financial practices and potentially lead to stronger regulatory measures against such evasion strategies.