A court in the English Channel tax haven of Jersey froze more than $7 billion of assets linked to Roman Abramovich, equivalent to half of the Russian billionaire’s publicly estimated wealth.
Police in the tax haven raided premises “suspected to be connected” to Abramovich, while the local Royal Court imposed the asset freeze, according to the Jersey government. It’s the latest sign of a crackdown on offshore wealth held by sanctioned Russian billionaires.
Abramovich was sanctioned by the European Union and the U.K. last month as part of sweeping penalties against tycoons believed to be close to Russian President Vladimir Putin. Western measures against Abramovich have left his assets frozen and the future of his football club Chelsea FC uncertain.
Representatives for Abramovich, who has a net worth of $13.9 billion according to the Bloomberg Billionaires Index, didn’t immediately respond to requests for comment. Jersey’s Law Officers’ Department said it couldn’t currently comment beyond the statement.
The moves comes as Cayman Islands authorities separately
Abramovich himself has long-standing links to Jersey.
Camberley International Investments Ltd., which has an address in the island’s capital St. Helier, is the provider of an outstanding $1.4 billion loan to Abramovich’s Chelsea holding company, according to U.K. filings from last year.
As part of the Channel Islands, Jersey is a self-governing British crown dependency 14 miles away from France that relies on Britain for its defense. Aside from financial services firms and tourists, the island has long been a magnet for the rich.
— With assistance from Katharine Gemmell
