JERSEY has joined the UK in applying immediate sanctions on three oligarchs and five banks connected to the Vladimir Putin regime in response to the invasion of Ukrainian territory by Russian troops.
UK prime minister Boris Johnson announced that the three high net worth individuals – Gennady Timchenko, Boris Rotenberg and Igor Rotenberg – will have their assets frozen and be banned from entering the UK.
The five sanctioned banks are Rossiya, IS Bank, General Bank, Promsvyazbank and the Black Sea Bank.
External Relations Minister Ian Gorst confirmed that the new measures will apply immediately in Jersey, which has committed to following the UK in applying sanctions.
‘We take our obligations as a responsible jurisdiction extremely seriously and these new designations will take effect immediately,’ he said.
‘Any assets held in Jersey in relation to these individuals and financial institutions must be frozen without delay.
‘Jersey is a robustly regulated finance centre with a record of helping to enforce the agreed actions of the international community. Notices have been published on the Jersey Gazette to advise of these new designations, and to remind industry of their legal obligation to freeze assets and economic resources, and report on any connection to them.
‘Officers continue to work closely with UK counterparts, and we are ready to take further measures to ensure Jersey’s response is in line with the international community.’
