Channel Islands freeze Russian assets in line with UK sanctions after Ukraine incursion

The Channel Islands have frozen Russian financial assets in line with new sanctions announced by the UK.

It is in response to President Vladimir Putin's decision to recognise two separatist Ukrainian regions as independent during a televised national address on Monday night (21 February).

Just hours later he ordered in "peace-keeping" forces, with western intelligence services concerned that it is part of an invasion plan.

British Prime Minister Boris Johnson hopes sanctions on five Russian banks and three wealthy individuals will deter Putin from any further incursion.

A spokesperson from Guernsey's Policy and Resources Committee said: "This framework includes asset freezes and the listings have automatic legal effect in the Bailiwick.

"The Committee will continue to liaise closely with the UK on the application of further sanction measures as the situation develops."

Jersey's External Relations Minister Senator Ian Gorst said: “We take our obligations as a responsible jurisdiction extremely seriously and these new designations will take effect immediately. Any assets held in Jersey in relation to these individuals and financial institutions must be frozen without delay.

“Officers continue to work closely with UK counterparts, and we are ready to take further measures to ensure Jersey’s response is in line with the international community.”