£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.
Meet the team of industry experts behind ComsureFind out more
Keep up to date with the very latest news from ComsureFind out more
View our latest imagery from our news and workFind out more
Think we can help you and your business? Chat to us todayGet In Touch
As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email firstname.lastname@example.org.