More details on Russian sanctions coming soon

Thursday 19 October 2023

Policy & Resources is “planning” to reveal more information on how much cash has been frozen under its Russia sanctions regime before the year ends, following a Freedom of Information request.

The States had been asked to provide an updated figure for the total value of frozen assets since Russia invaded Ukraine in early 2022 and the figures for “non-general licences” sent in, approved, declined, and still under consideration over the same period.

These government-issued licences allow businesses to continue activities which would be outlawed under the active sanctions regime. 

But the States declined to provide information relating to the first request “on the grounds that its disclosure would be premature in relation to a planned announcement or publication”.

The States’ last position in February 2023 was that around £5m in assets had been frozen, which was the same value first reported in April 2022 following media pressure for details.

However, it was confirmed that 108 licence applications under the regime had been received, with 50 of them being non-general. 22 were under “various stages of consideration” while the rest were no longer being pursued.

This was up to 11 August when the FoI request was answered. 

The States said: “Some of these applications were made by the same service provider in relation to the same designated person as part of a single business relationship, and some were made by more than one party in respect of the same activity."

Designated persons are sanctioned individual’s who have had their assets frozen. 

On non-general licences, it added: “Some of these licences dealt with more than one application because the applications related to the same business relationship or activity."

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