Roman Abramovich-linked belongings price $7B seized in tax haven island of Jersey

A small island within the English Channel is freezing belongings linked to sanctioned Russian oligarch Roman Abramovich price greater than $7 billion — the most recent in a series of crackdowns focusing on the billionaire over his shut ties to the Kremlin.

The Channel Island of Jersey, a widely known tax haven with a popularity for attracting international traders, mentioned its order was applied after native authorities raided addresses that had been “suspected to be connected” to Abramovich.

The frozen belongings had been both situated in Jersey or owned by enterprise entities which are integrated on the island. The precise contents of the frozen belongings was not instantly clear.

“The government of Jersey continues to stand alongside the UK and international partners and has implemented all UK and UN sanctions deployed in response to Russia’s actions against Ukraine,” Ian Gorst, Jersey’s minister for exterior relations and monetary companies, told the Financial Times.

“Our legislation to give force to these measures has severe criminal consequences, and any links to sanctioned entities or suspected breaches must be reported to the appropriate authorities,” Gorst added.

Abramovich has confronted intense scrutiny from Western officers because the Russian invasion of Ukraine started in late February. The UK applied sanctions in opposition to Abramovich, freezing his belongings, together with his ownership of Premier League soccer club Chelsea.

Roman Abramovich
Jersey is a widely known tax haven with a popularity for attracting international traders.
Anadolu Company by way of Getty Photographs

French authorities have seized 12 properties owned by Abramovich in current weeks — together with his $120 million Riviera mansion.

Abramovich’s fleet of superyachts — comprised of a minimum of 5 vessels collectively price greater than $1 billion – additionally faces seizure. Two of the ships, the $600 million Solaris and the $700 million Eclipse, fled to sea when the UK imposed its sanctions.

The FT reported that Abramovich has moved a lot of belongings to Jersey from the British Virgin Islands in the previous few years — with helicopters and a minimum of one yacht among the many gadgets held by means of Jersey-based entities.

Roman Abramovich’s has an expansive and costly fleet of yachts.
Sipa USA by way of AP

Jersey is self-government however is taken into account a dependency of the UK — that means the UK is answerable for its protection.

Whereas Abramovich is understood to be one of many world’s richest Russian oligarchs, the extent of his private fortune is a topic of debate. Forbes estimates Abramovich’s wealth at roughly $8.2 billion, whereas the Bloomberg Billionaires Index says he’s price almost $14 billion.

With Submit wires

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