Nearly £72m Russian assets frozen in sanctions

Nearly £72m of Russian assets have been frozen in the Bailiwick of Guernsey since the beginning of the Ukraine invasion in 2022, the government said.

The Policy and Resources committee said there were also £12.7bn of assets, controlled from the islands, which were frozen elsewhere.

Any sanctions brought in by the UK government automatically apply within the bailiwick.

The States of Guernsey said "in most cases" sanctions from a range of sectors include assets "linked to the fiduciary sector but located outside the bailiwick".

In 2022 the government said there were fewer than £5m of funds held in bailiwick bank accounts "on behalf of a designated person".

A committee survey of the private sector in late 2023 found that £4.7m of bank deposits and £67m of other assets were frozen in the bailiwick.

It is estimated that assets frozen elsewhere, but owned or controlled from the bailiwick, totalled £12.7bn.

The committee said little had changed since the end of 2023.

Follow BBC Guernsey on X and Facebook. Send your story ideas to [email protected].