Russian assets frozen by Jersey firms near £1.4bn

Tuesday 25 June 2024

There have been "a number of issues" reported by financial services firms in Jersey in relation to the Russian sanctions regime that has now seen nearly £1.4bn in assets frozen, according to the External Relations Minister.

A sanctions regime was introduced internationally following Russia’s invasion of Ukraine on 24 February 2022, which quickly led to hundreds of millions of pounds of assets held in trusts, funds, accounts and other Jersey-based structures being frozen.

Around a year later, well over 200 sanctions compliance reports had been submitted to Deputy Gorst in connection with the regime, in line with the reporting obligations of financial institutions.

At that stage, more than £1.3 billion worth of assets linked to Russian individuals and companies had been frozen in the island.

In his latest update, Deputy Ian Gorst confirmed that, as of 30 April, the reported frozen assets now totalled nearly £1.4bn.

Rounded to the nearest £100,000, the total was £1,384,800,000, he said.

And the number of sanctions reports has also grown significantly, with 365 now having been submitted in connection with the regime.

Pictured: External Relations Minister Ian Gorst has, as of 30 April, had more than £1.384bn in frozen assets reported to him under the regime.

According to Deputy Gorst's update, the reports include "a number of issues relating to sanctions compliance".

While the current total is more than £1.3bn, it is worth noting that there are an estimated £1.3 trillion-worth of assets under management in Jersey.

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