A small island in the English Channel freezes more than $7 billion in assets linked to sanctioned Russian oligarch Roman Abramovich – the latest in a series of crackdowns on the billionaire over his close ties to the Kremlin.
The Channel Island of Jersey, a well-known tax haven with a reputation for attracting foreign investors, said its order was implemented after local authorities searched addresses “suspected to be linked to Abramovich”.
The frozen assets were either located in Jersey or owned by companies incorporated on the island. The exact contents of the frozen assets were not immediately clear.
“The Jersey Government remains at the side of the UK and international partners and has implemented all UK and UN sanctions imposed in response to Russia’s crackdown on Ukraine,” Ian Gorst, Jersey’s Minister for External Relations and Financial Services, told the Financial Times.
“Our legislation to enforce these measures carries serious criminal penalties and any links to sanctioned organizations or suspected violations must be reported to the appropriate authorities,” Gorst added.
Abramovich has been under intense scrutiny by Western officials since the Russian invasion of Ukraine began in late February. The UK imposed sanctions on Abramovich and froze his assets, including his ownership of Premier League football club Chelsea.
Jersey is a well-known tax haven with a reputation for attracting foreign investors.Anadolu Agency via Getty Images
French authorities have seized 12 properties owned by Abramovich in recent weeks – including his $120 million mansion on the Riviera.
Abramovich’s fleet of superyachts — made up of at least five vessels totaling more than $1 billion — is also facing seizure. Two of the ships, the $600 million Solaris and the $700 million Eclipse, fled to sea as the UK imposed its sanctions.
The FT reported that Abramovich has moved a number of assets from the British Virgin Islands to Jersey in recent years – including helicopters and at least one yacht among items held by Jersey-based companies.
Roman Abramovich’s has an extensive and expensive fleet of yachts. Sipa USA via AP
Jersey is self-governing but is considered dependent on the UK – meaning the UK is responsible for its defence.
While Abramovich is known as one of the wealthiest Russian oligarchs in the world, the extent of his personal fortune is a matter of debate. Forbes estimates Abramovich’s net worth at around $8.2 billion, while the Bloomberg Billionaires Index says he’s worth nearly $14 billion.
With mail wires