Russian firms have routed $8bn of trade through British island territories since invasion of Ukraine

One of the vessels traded through the Cayman Islands had previously been linked to Dmitry Medvedev, the deputy chair of Russia’s security council. Photograph: Yekaterina Shtukina/Reuters

Russian companies have used Britain’s secretive island territories to conduct $8bn (£5.9bn) of trade since the invasion of Ukraine, according to a report that highlights the flow of goods ranging from oil-drilling equipment to luxury yachts linked to Moscow’s political elite.

The analysis, published a day after the fourth anniversary of Russia’s assault on its neighbour, raises questions over the role played by the British overseas territories in enforcing sanctions designed to turn the screw on the Kremlin.