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Story summary
- Transparency International reports Russian companies conducted $8 billion in trade through British overseas territories since the Ukraine invasion.
- The British Virgin Islands accounted for $4.4 billion of this trade and faces slow progress on corporate ownership transparency.
- Bermuda facilitated nearly $3 billion in deals, including drilling equipment for Kremlin-backed projects.
- The UK government has urged these territories to enhance transparency, but critics say measures remain insufficient to prevent sanctions evasion.
