Roman Abramovich has frozen assets worth £5.4billion – near the tiny Channel Island of Jersey

Roman Abramovich has frozen assets worth £5.4billion in Jersey amid the ongoing crackdown on Russian oligarchs following the invasion of Ukraine.

Police in the tiny Channel Island, about 85 miles south of England, said they raided premises suspected of being linked to the owner of Chelsea and his business activities there.

The 55-year-old billionaire, a close ally of wartime Russian dictator Vladimir Putin, is believed to be in Moscow currently.

It faces crippling punitive sanctions from many other Western countries, including France, which seized its £90million castle on the Riviera on Tuesday.

The Jersey Court Officers Department said in a statement: ‘Search warrants were executed by the States of Jersey Police on Tuesday April 12, 2022 at premises in Jersey suspected of being linked to the business activities of Roman Abramovich .

“The Royal Court also imposed a formal freezing order on April 12, known as a judicial foreclosure, on assets estimated at over US$7 billion which are believed to be linked to Mr Abramovich and which are either located in Jersey or owned by entities incorporated in Jersey.’

Police in Jersey, around 85 miles south of England, said they raided premises suspected of being linked to Roman Abramovich (pictured) and his business activities there

Jersey (pictured) is a British Crown dependency which follows UK policy and is therefore part of the same sanctions regime.

Jersey (pictured) is a British Crown dependency which follows UK policy and is therefore part of the same sanctions regime.

Abramovich's Château de la Croë is located on one of the most prestigious parts of the French Riviera - Cap d'Antibes - and local estate agents estimate it to be worth around £90million

Abramovich’s Château de la Croë is located on one of the most prestigious parts of the French Riviera – Cap d’Antibes – and local estate agents estimate it to be worth around £90million

Jersey is a British Crown dependency which follows UK policy and is therefore part of the same sanctions regime.

It has been something of a tax haven for decades due to its very low income tax and the non-existence of an inheritance, wealth, corporation or capital gains tax.

Jersey has been a tax haven since the 1920s

Jersey, a 45 square mile island off the coast of France, is subject to the British monarchy but retains complete financial and political autonomy.

The island has used its autonomy and singular constitutional relationship with Britain to maintain a degree of financial independence for centuries, and profit-minded people have exploited Jersey’s tax laws for almost as long.

Jersey first gained a reputation as a tax haven in the 1920s, when wealthy Britons began settling on the island or, in many cases, simply transferring their wealth to the island, in order to benefit of his lack of wealth and inheritance rights.

In 1928, the government of Jersey introduced an income tax of 2.5%.

Under the German occupation of the Channel Islands, income tax was raised to 20%, where it remains, but the island still has no inheritance, wealth, corporation or capital gains.

As deposits from wealthy individuals filled the nation’s coffers, the revelation that most taxes could be avoided in Jersey caused banking to roost on the island, giving rise to one of the world’s most popular offshore destinations. popular for US dollars, rubles, yen and other global currencies.

Source: Investopedia

Abramovich was added last month to the list of Putin-linked oligarchs who face dire economic consequences following Russia’s invasion of Ukraine.

Yachts, mansions and other luxury assets have since been seized from money makers.

French authorities yesterday seized his Chateau de la Croë, located on one of the most prestigious parts of the French Riviera – Cap d’Antibes – and which local estate agents estimate at around £90million.

Built in 1926, the elegant villa features over a dozen bedrooms, eight bathrooms and is set in 12 acres of lush woodlands and lavish lawns just yards from the Mediterranean Sea.

Abramovich spent around £30million restoring the castle after buying it in 2001, building a 15m swimming pool on the roof and inserting a huge gym and home cinema in the basement to create the carpet of ultimate billionaire game.

Before one of Putin’s favorite money men moved in, the incredible property was used as a vacation home by England’s former King Edward VIII and American socialite Wallis Simpson – better known as of Duke and Duchess of Windsor.

But not all of its assets have been seized, with Abramovich-linked superyachts worth an estimated $1.2 billion raised having been moored in southwestern Turkey, outside EU jurisdiction. and Great Britain.

However, Antigua and Barbuda, a Caribbean country, said it would help the UK seize the yachts owned by Abramovich earlier this month.

It came after Abramovich tried to sell his beloved club Chelsea in March, before the UK government froze the asset.

Several would-be billionaire buyers are now vying for ownership of the club.

Chelsea FC's Stamford Bridge stadium in London, Britain, April 05, 2022. Several potential buyers are vying to become Chelsea Football Club's next owner after Abramovich put it up for sale following sanctions

Chelsea FC’s Stamford Bridge stadium in London, Britain, April 05, 2022. Several potential buyers are vying to become Chelsea Football Club’s next owner after Abramovich put it up for sale following sanctions

Four known offers are still under consideration to buy Chelsea, who could be sold for around £3billion given the interest that has arisen since Abramovich put the Premier League club up for sale. west London.

The UK government is to sign the deal, which is overseen by New York-based investment bank Raine Group, on terms that allow the team to continue operating since Abramovich was sanctioned.

But Abramovich cannot profit from any of the recipes.

“Our role is to consider an amended license application which allows the club to be sold when it comes up with a preferred bidder,” the UK government said in a statement.

Chelsea have won 21 trophies in Abramovich’s 19 years of ownership, building on his lavish investment to become one of Europe’s most successful clubs.

David C. Barham