Jersey firms freeze £259m of Russia linked assets

Jersey aligned with the UK on imposing sanctions on Russia and Russian-linked assets in the Bailiwick

Assets worth £259.3m have been frozen by Jersey firms, the island's external relations minister has said.

It is since sanctions were introduced in response to the Russian invasion of Ukraine in February.

Senator Ian Gorst said a taskforce has been set up to examine "customer relationships associated with Russia and Belarus" with links to Jersey.

He committed to publishing "appropriate and relevant monthly statistics" in relation to the sanctions.

The first report is due next week.

Senator Gorst said Jersey firms had frozen assets worth more than £250m following Russia's invasion of Ukraine

Jersey and Guernsey first imposed sanctions on Russian interests in February while earlier this month, the Channel Islands suspended all forms of tax cooperation with Russia.

Mr Gorst said as of Monday a value of £259.3m had been reported to him as having been frozen by firms in compliance with their obligations under the Sanctions and Asset Freezing (Jersey) Law 2019.

"Since Russia's illegal and unjustified invasion of Ukraine we have aligned with international partners in implementing a severe and wide-ranging package of sanctions measures," he told the States Assembly.

"This has included more than 800 asset freeze designations of individuals and entities that were automatically and immediately enforced in Jersey as soon as they were made, requiring any assets owned, held or controlled directly or indirectly to be frozen."

Meanwhile, the chief minister has said officials have been meeting "weekly" since "well before the invasion occurred" to discuss its possible implications for Jersey.

Senator John Le Fondre was speaking after Jersey's most senior civil servant, chief executive Suzanne Wylie, said Ukrainian nationals would be given registered status, permission to remain in the island for three years, and a grant of £500 to help them make a fresh start.

She said help would also be available in setting up bank accounts and accessing other essential services.

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