Following Russia’s invasion of Ukraine, Jersey and Guernsey imposed sanctions on the country and related individuals which includes the freezing of their assets.
But there seems to be a staggering difference on the value of assets frozen by the two Bailiwicks.
As of 30 April 2022, firms in Jersey had frozen more than £1bn ($1.3bn, €1.2bn) worth of assets, while just under £5m in Guernsey, as of 12 May 2022.
It is not clear whether the two Channel Islands have a different sanctions regime, or if one has more Russian assets than the other.
The government on Guernsey’s policy and resource committee said: “The assets held within Bailiwick bank accounts on behalf of a sanctioned person that have been frozen as part of the response to Russia’s invasion of Ukraine amount to less than £5m.
“Since introducing these sanctions, the policy and resources committee has received and continues to receive a wide range of responses from the private sector, covering a range of issues with some relating to assets within the Bailiwick and others being general queries where the sanctions regime was not ultimately engaged.
“The notifications received show a desire from the private sector in the Bailiwick to do the right thing and to not only comply with the regime, but to go beyond, seeking to avoid the risk of exposure to any sanctions issue.”
