Jersey Finance is responding to the announcement by the Chief Minister’s Department that Jersey has brought into force restrictive measures against Russian individuals and businesses that have been identified by the European Union as responsible for actions that undermine or threaten the territorial integrity, sovereignty and independence of Ukraine. A wider EU package of sanctions against Russia has also been enforced in Jersey, including services relating to certain securities and money-market instruments.

The Chief Minister has requested that all Jersey financial institutions check whether they hold any accounts, funds or economic resources for the persons listed and, if they do, to freeze such accounts, funds or economic resources and report the facts to the Chief Minister’s Department.

Geoff Cook, CEO Jersey Finance, says:

“We will of course meet the legal obligations placed upon the industry in its business dealings with Russia and our members will be responding to the Chief Minister’s request. We will also remain in close consultation with our government over political and wider economic developments and will be considering how these sanctions impact on the business we do with Russia. In the meantime, Jersey Finance’s planned strategy regarding existing, legitimate business that falls clearly outside the scope of the sanctions will remain in place.”

Read more on the States of Jersey website here.