New court papers reveal that Jersey, a Channel Islands tax haven, quietly hosted Roman Abramovich’s billions with London’s backing before Russia invaded Ukraine. The island has long attracted oligarchs by offering low taxes and strong financial secrecy.
Jersey operates its own parliament but remains a crown dependency under the UK monarch. Details on how Jersey and Westminster coordinate on such matters remain largely undisclosed.
- Highlights Jersey’s role in moving wealth from authoritarian regimes into Western financial systems.
- Raises questions about the transparency of UK government oversight over crown dependencies amid sanctions enforcement.
MNN Take: Jersey’s financial secrecy and close yet opaque ties to the UK complicate efforts to track and sanction oligarch assets. Understanding this relationship is key to assessing the effectiveness of sanctions.
Source: Guardian UK