Select a region
The States of Guernsey has frozen around half a million pounds of Russian assets following the invasion of Ukraine, with little to no change seen since the first announcement in May last year.
Russia escalated its conflict with Ukraine on 24 February 2022 by launching a major invasion of the country. Tens of thousands have been killed and over 10 million people have been displaced.
Policy & Resources say this figure is still accurate.
“Guernsey deposits exposed to persons designated under that sanctions regime remain small and the information provided in the release continues to be an accurate reflection of money frozen in Guernsey bank accounts under the Russia regime.
“The Bailiwick authorities continue to work closely with the private sector and the UK authorities to ensure that the Bailiwick’s legal framework and the way in which that framework is applied remain in lock step with the UK.”
The Committee also say that the States had “only a very small amount of indirect investment in Russian entities” before the invasion, at less than 0.2%.
“At this time the States has no direct exposure, and indirect exposures have been sold wherever possible in line with the direction from Policy & Resources Committee following the Russian invasion of Ukraine, reducing the total amount as close as possible to zero”.
Pictured: The GFSC is responsible for reporting new sanctions to locally registered companies.
The Government of Jersey has frozen hundreds of times more in Russian assets in the same period.
The last update on 31 October showed that approximately £1,158,400,000 had been reported to the Minister for External Relations.
But it was left embarrassed after Jersey Police raided two properties suspected to be connected to Russian billionaire Roman Abramovich in April, with $7bn-worth of assets frozen by the Royal Court.
Police later admitted that the search was unlawful months later and said public money would be used to pay damages to two affected parties.
Putin labels Guernsey "unfriendly"
Guernsey sanctions Russian banks and billionaires close to Putin
Comments
Comments on this story express the views of the commentator only, not Bailiwick Publishing. We are unable to guarantee the accuracy of any of those comments.