SHOULD YOU RAISE RISK LEVELS FOR GIBRALTAR ?

Crew of Russian submarine that was permitted to refuel in Spain

Spain, which continues to harass maritime commerce within Gibraltar's territorial waters, and recently reportedly fired warning shots at civilian vessels, has recently allowed a Russian submarine* to refuel and refit, at Ceuta, a Spanish enclave on the coast of Morocco. Spain is ratcheting up its campaign to take over the British territory, notwithstanding that the 1713 Treaty of Utrecht gave the UK sovereignty in perpetuity, and that Britain gave up other territorial claims at that time. Any nullification of that treaty would open a Pandora's Box of additional claims against Spain, and its leadership might want to open their history books once again, rather than making additional threats against Gibraltar; It is not Hong Kong.

While Spain appears to have, as its policy, the aim of acquiring Gibraltar through peaceful means, increased pressure could take many forms, and the economy of the British Overseas Territory could be affected. It would be prudent, for Country Risk purposes, to monitor all future developments, regarding Spanish actions, if your bank, or any of its major clients, have ongoing financial exposure, or substantial commercial relationships with entities domiciled on Gibraltar.
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* That Russian submarine was reportedly en route to Russian-occupied Crimea, a fact that is not lost on  those who must assess Country Risk on both the Ukraine and Russia.