The Overseas Territories are united in their support of sanctions against Russia, according to the UK Overseas Territory Association.

Washington Misick, Premier of the Turks and Caicos and president of the Political Council of UKOTA, said that the territories had moved quickly to implement the sanctions as they were introduced in the wake of Russia’s invasion of Ukraine.

In a statement, Mr Misick said: “The Governments of the UK Overseas Territories have followed with horror Russia’s invasion of the sovereign democratic state of Ukraine.

“The Overseas Territories are in solidarity with the UK and the international community in denouncing Russia’s military action against Ukraine.”

He added: “The Overseas Territories are committed to continuing to uphold the highest international standards of transparency and accountability.”

Several waves of sanctions have been launched against Russian financial institutions, politicians and oligarchs in the wake of the invasion of Ukraine more than a month ago.

The value of Russian assets held in Bermuda is unknown, but a 2018 report from Global Witness claimed Bermuda-based companies had received $7.1 billion in direct investment by Russian nationals between 2007 and 2016.