Jersey court freezes $7bn of Roman Abramovich’s assets

London  — The Royal Court of Jersey has imposed a formal freezing order on $7bn worth of assets linked to Roman Abramovich while police have searched properties linked to the billionaire, the British Channel Island’s law officers’ department said.

Abramovich was among several wealthy Russians added last month to British and EU sanctions over Russia’s invasion of Ukraine, and governments have since been taking action to seize yachts and other luxury assets from them.

In a statement, the department for the self-governing British Crown Dependency said Jersey Police had on Tuesday carried out searches of premises suspected of being connected to Abramovich’s business activities.

“The Royal Court also imposed a formal freezing order on  April 12, known as a saisie judiciaire, over assets understood to be valued in excess of $7bn which are suspected to be connected to Mr Abramovich and which are either located in Jersey or owned by Jersey incorporated entities,” it said.

The department said it would make no further comment at this stage. No-one from Jersey Police could be reached for comment.

Earlier in April, the Caribbean nation Antigua and Barbuda said it was willing to help Britain seize yachts owned by Abramovich. Superyachts linked to the businessman, together worth an estimated $1.2bn, have also been docked in southwest Turkey.

Abramovich had sought to sell Premier League soccer club Chelsea before he was sanctioned, but that process was taken out of his hands by the British government after his finances were blacklisted.

Reuters