Print Article

£260m-worth of Russian-linked assets frozen in Jersey so far


Assets totalling almost £260m have been frozen in Jersey linked to individuals and companies with connections to the Putin regime.

Around 800 assets held in trusts, funds, accounts and other Jersey-based structures have been frozen since a rapidly introduced and expanding sanctions regime was introduced internationally following Russia’s invasion of Ukraine on 24 February.

Speaking in the States on Tuesday, External Relations Minister Ian Gorst said that £259,300,000-worth of assets had been frozen in Jersey, as of the beginning of the week.

He added that asset-freezing did not indicate that firms had done anything inappropriate, and the ongoing work of a ‘task force’ comprising of the Government, regulator and police would assess activity on a case-by-case basis.

Although £260m is a significant sum, it is a fraction of the £1.3 trillion-worth of assets under management in Jersey. The Government has previously said that Jersey has a low exposure to Russian money.

Senator Gorst said he was committed to regularly publishing details of the total value of assets which had been frozen, starting with a report next week.