THE government has said it will ‘fully divest itself’ of any Russian assets in light of the ongoing conflict in Ukraine.
Treasury Minister Susie Pinel revealed that, although the States had ‘no direct holdings’, it did have a low value of Russian assets within its portfolio – which has been reviewed after the country launched an invasion of Ukraine last week.
The Island has been following the UK in applying sanctions to individuals and firms linked to Russian president Vladimir Putin’s regime.
Over 100 asset-freeze and travel orders have already been applied as part of an international effort alongside allies such as the US and EU.
Deputy Pinel said: ‘In light of the ongoing crisis in Ukraine, treasury officers have reviewed the States’ investment portfolio.
‘The portfolio has no direct holdings in Russian assets of any kind. Indirectly we hold a low value of Russian assets through investment funds.
‘Those assets represent 0.05% of the total portfolio.’
She added: ‘We are in communication with our investment managers to understand the nature of any remaining Russian holdings, and their intentions for them, and to make it clear that the government wishes to fully divest itself of any remaining Russian assets.’
