22/02/22

CROWN DEPENDENCIES: Jersey and Guernsey impose sanctions on Russian interests.

As published on bbc.co.uk, Tuesday 22 February, 2022.

Jersey and Guernsey have imposed sanctions on Russian interests.

The islands' governments have instructed finance industries to freeze the assets of five Russian banks and three billionaires.

The sanctions come after Russian President Vladimir Putin ordered troops into two regions of eastern Ukraine.

Jersey external relations minister Ian Gorst said Jersey was also prepared to take "further measures" in line with other jurisdictions.

The islands' response comes after UK Prime Minister Boris Johnson announced a "first barrage" of sanctions against Russia.

President Putin ordered troops into the regions of Donetsk and Luhansk on Monday after saying he recognised them as independent.

Senator Gorst said: "We take our obligations as a responsible jurisdiction extremely seriously and these new designations will take effect immediately.

"Any assets held in Jersey in relation to these individuals and financial institutions must be frozen without delay."

Mr Gorst said notices had been published on the Jersey Gazette, the publication of official notices, to advise of the new designations and "to remind industry of their legal obligation to freeze assets and economic resources, and report on any connection to them".

"Officers continue to work closely with UK counterparts, and we are ready to take further measures to ensure Jersey's response is in line with the international community" he said.