Russian oligarch Roman Abramovich received another blow in connection with Russia’s invasion of Ukraine. A Jersey court in the English Channel has frozen more than $7 billion in assets related to billionaires. Bloomberg says that represents about half of his estimated wealth.
Jersey owned by the crown of Elizabeth II, the island is not part of Great Britain but is subject to financial sanctions announced by the British government.
According to a press release carried by Agence France-Presse, There has also been a search for real estate in Jersey that may be related to Abramovich’s business activities.
Britain put Abramovich on the sanctions list in early March, accusing him of contributing to the destabilization of Ukraine or of using the influence of the Russian government.
Jersey is a large offshore area, there are no corporate taxes, no capital gains or wealth taxes on the island, and many wealthy businessmen use it to register their assets.
Bloomberg notes that Abramovich has a long-standing relationship with the island, but the search for his possessions on the island shows that pressure on the foreign fortunes of Russian businessmen will only increase.
Representatives of the billionaire did not respond to an AFP request for comment on the court’s decision.
Earlier on Wednesday, the Foreign Office in London announced that the UK had imposed sanctions on 206 people and other entities from or associated with Russia in response to the country’s attack on Ukraine.
Among the sanctioned persons are: Wiktor Medwedczuka pro-Russian politician from Ukraine who was captured by Ukrainian forces on Tuesday, as well as the Russian oil tycoon and head of the worried Lukoil, Vagit Alekperov.
But the vast majority – 178 people and entities – are directly associated or involved in supporting the separatist regions of eastern Ukraine, where Russia is currently focusing its military activities. This group includes, among others, the former Prime Minister unilaterally declared the Donetsk People’s Republic Oleksandr (Alexander) Ananchenko The current Prime Minister of the Lugansk Republic Serhiy (Sergey) Kozlov.
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