JERSEY will work with the UK to enforce measures to de-escalate the Ukraine crisis, the External Relations Minister has said after the Island faced calls to freeze the assets of oligarchs linked to Vladimir Putin’s regime.
Yesterday, high-profile anti-Putin campaigner Bill Browder called on Jersey to play its part in response to the build up of more than 100,000 Russian troops on the Ukrainian border, claiming that the Island could make a big difference due to its role as an international finance centre.
The British-American businessman and author said that it could achieve this by following the UK in freezing assets and applying other sanctions on money linked to the Putin regime.
Earlier this week, UK Foreign Secretary Liz Truss announced legislation to extend the country’s sanctions so that it could penalise ‘any individual and business of economic or strategic significance to the Kremlin’.
External Relations Minister Ian Gorst said Jersey would work alongside the UK in attempting to defuse the situation in Ukraine.
He said: ‘Jersey will maintain a position of full alignment with the UK, and other international partners, in supporting measures that seek to encourage Russia to de-escalate and engage in dialogue to find a diplomatic resolution. Jersey takes its obligations as a responsible international actor extremely seriously. The Island has a hard-earned reputation as a robustly regulated international finance centre, with a positive track record of helping to enforce the agreed actions of the international community.
‘Jersey’s international-sanctions regime is based upon clear requirements placed on the financial services industry to undertake robust checks on clients they are acting for and to monitor these relationships against ongoing sanctions listings.’
He added that the Island would move quickly to apply new sanctions if such a move was needed.
‘Jersey continues to work in close and constant co-operation with the UK on the fast and effective implementation of international sanctions,’ Senator Gorst said.
‘This properly reflects the Island’s constitutional position, and it is why Jersey enjoys an excellent record for implementation of all UK sanctions against countries, regimes or individuals believed to be violating international law. We are in dialogue with UK officials on this important issue and will respond swiftly and appropriately to international developments.’
In 2018, Mr Browder pushed for the Island to introduce its own version of the Magnitsky Act – US legislation enabling the sanctioning of individuals connected to corruption and human-rights abuses.
A year later, new sanctions and asset-freezing laws were passed by the States before the Island joined the UK in applying its first asset-freezing orders to around 50 individuals in 2020.
