The government of Guernsey has stated that nearly £72 million in Russian assets have been frozen within its jurisdiction since the outbreak of the Ukrainian crisis in 2022. This action is intended to align with the international community's sanctions against Russia and to safeguard regional and global security.
Read Also...:
Post Office offers Horizon victim 17% of compensation claim
03-10, 2025
Keir Starmer praised for statesman role abroad but can he show 'same mojo' at home?
03-10, 2025
What will be in the chancellor's Spring Statement?
03-10, 2025
Luxury lounges: Credit card perks we are all paying for
03-10, 2025The Policy & Resources Committee added that another £12.7 billion in assets, while controlled by Guernsey, are actually frozen in other regions. These assets are also subject to sanctions measures, reflecting Guernsey's strict enforcement of international sanctions.
The government of Guernsey emphasized that any sanctions measures implemented by the UK government automatically apply to the jurisdiction. This signifies that Guernsey maintains a high degree of alignment with the UK in sanctioning Russian assets, ensuring the effectiveness and consistency of the sanctions.
The Guernsey government stated that "in most cases," sanctions from various sectors include assets "related to the trust sector but located outside the jurisdiction." A survey conducted by the committee of the private sector in late 2023 found that £4.7 million in bank deposits and £67 million in other assets were frozen within the jurisdiction. It is estimated that the total amount of assets owned or controlled by the jurisdiction that are frozen elsewhere is £12.7 billion. The committee indicated that the situation has changed little since the end of 2023.
