Territories Freeze $11 Billion In Russian Assets

“British Overseas Territories have frozen Russian assets with a combined estimated value in excess of 11 billion US dollars,” the Minister of State James Cleverly said.

The UK joins numerous other allies around the world such as the US, Canada, Switzerland and the EU in imposing the sweeping sanctions against Russia following their invasion of Ukraine, and all the British Overseas Territories follow the sanctions imposed by the UK.

During the British Parliament’s session on May 23rd, Labour MP Margaret Hodge asked the Secretary of State for Foreign, Commonwealth and Development Affairs “what is the total value is of assets frozen under the Russia sanctions regime by each territory of the [a] British Overseas Territories and [b] Crown Dependencies.”

In response, the Minister of State James Cleverly said, “British Overseas Territories have frozen Russian assets with a combined estimated value in excess of 11 billion US dollars.

“Examples include, the Cayman Islands Government who publicly reported Russian assets with an estimated value of US$7.7 billion have been frozen. The British Virgin Islands government have also publicly reported assets with an estimated value of more than US$ 400 million have been frozen to date.

“Sanctions enforcement matters in the Crown Dependencies is a matter for their local authorities not the UK government. But the three governments have publicly reported that they have frozen assets worth in total over £1 billion: Isle of Man, £1.9 million; Guernsey, £5 million; Jersey, over £1 billion. These figures are likely to change.”

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