Jersey papers Reveal UK Government’s Tacit Approval of Abramovich‘s Fortune Transfer
Jersey, Channel Islands – Newly released court documents from Jersey are shedding light on a previously undisclosed two-year legal battle with russian billionaire Roman Abramovich, revealing a surprising level of consultation – and ultimately, acquiescence – from the British government regarding his relocation of billions to the tax haven. The documents, totaling 370 pages and released after a gagging order was lifted this week, detail how Jersey granted Abramovich and his associates residency under a special scheme for ultra-high net worth individuals, allowing him to transfer an estimated $7 billion (£5.3 billion) to the island, even as concerns grew over his ties to Vladimir Putin.
For decades, Jersey has been a favored destination for wealth originating from politically sensitive regions, offering a combination of low taxes and stringent financial secrecy. This latest revelation underscores the complex relationship between the Channel Island and the UK,a Crown Dependency with its own parliament but ultimately answerable to the king. The traditionally opaque nature of this relationship has been partially lifted with the release of these judgments,offering a rare glimpse into the decision-making process surrounding high-profile,politically charged cases.
A Safe Harbor for Abramovich’s Wealth
The documents show Abramovich first approached Jersey about residency in the summer of 2017, and his application was approved the following September. Beyond residency, he was permitted to relocate companies controlling the bulk of his fortune to the small island (five miles by nine miles). Significant asset transfers occurred in 2017 and again in 2021, just months before Russia’s full-scale invasion of ukraine. A family office, used for managing his wealth, philanthropic activities, and investments in luxury assets, was also licensed to operate in Jersey in 2016.
Crucially, the judgments suggest this process wasn’t conducted in isolation. At least seven background checks and four face-to-face meetings took place between Jersey officials and their counterparts in London over several years. Despite heightened scrutiny following Russia’s 2014 annexation of Crimea, and even after the 2018 Salisbury poisonings – a brazen assassination attempt on UK soil attributed to Russian operatives – UK officials never raised objections.
Turning Tide with Ukraine Invasion
The shift in attitude came with Russia’s invasion of Ukraine in February 2022. Jersey authorities swiftly froze $7 billion of assets linked to Abramovich and launched raids on premises on the island. He was subsequently added to both the UK and Jersey sanctions lists. A criminal investigation, still ongoing, is now focused on whether Abramovich’s wealth was obtained through corruption during the turbulent privatization of Russia’s oil and gas industry in the 1990s.
Questions for Westminster
The release of these documents raises serious questions about the UK government’s due diligence – or lack thereof – regarding the source of wealth flowing into British territories. Why were concerns about Abramovich’s connections to Putin seemingly dismissed for so long? and what safeguards are now in place to prevent similar situations from occurring in the future?
This story is developing, and World-Today-News.com will continue to provide updates as more information becomes available.
Keywords: Roman abramovich, Jersey, Channel Islands, Tax Haven, Russia, Vladimir Putin, sanctions, Money Laundering, UK Government, Salisbury poisonings, Ukraine, Oligarch, Financial Secrecy, Crown Dependency.
