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£713M In Russian Assets Frozen

More than £713million worth of Russian assets have been frozen in Jersey, as of the end of March 2022.

External Relations Minister Senator Ian Gorst promised to publish these details every month.

He says Jersey continues to stand with Ukraine and our international allies.

That figure compares to nearly £260million the previous month.

The updated figures come after Jersey's Royal Court imposed an order to freeze more than $7billion worth of assets thought to be connected to Russian oligarch Roman Abramovich.

He is worth $8.3billion, according to Forbes.

The States of Jersey Police executed search warrants at premises in the island that are thought to be connected to Mr Abramovich's business activities.

In a Scrutiny hearing, Senator Steve Pallett asked International Development Minister Deputy Carolyn Labey what this might do to improve Jersey's reputation internationally.

Deputy Labey says a 'hard stance' on freezing assets at the moment 'is the measure that we need to take'.

"There has obviously got to be huge amounts of due diligence done when taking on clients. The KYC could never be more important for the island and the island's reputation.

I would favour a very hard line for them to take on the freezing of the assets."

Elsewhere, Senator Gorst has paid tribute to says it's been a pleasure to work with the UK politician with primary responsibility for London's relationship with the island, after he left his job as UK justice minister.

David Wolfson has quit because of the gatherings at Downing Street during coronavirus lockdowns.

Boris Johnson and chancellor Rishi Sunak were fined for being at a birthday party for the PM in June 2020.

Senator Gorst has thanked Lord Wolfson for 'his support of Jersey'.

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