Financial companies will be “losers” if they do not apply the sanctions


FINANCE companies will suffer both their reputation and their bottom line if they do not properly implement the new sanctions against Russia, the Foreign Minister has warned.

Jersey follows the UK as it applies a series of financial sanctions on individuals and businesses linked to the Putin regime, with more than 100 asset freezes and travel orders applied this week as part of an international effort alongside allies such as the United States and the EU. .

Senator Ian Gorst said companies that failed to follow through on sanctions would face legal action.

“Financial services institutions would lose if they failed to comply with the asset freeze, as it is a criminal offense and it would significantly affect their bottom line,” he said.

“They would end up in legal proceedings eventually, which would be very bad for their reputation and for business. Services are required to comply with the sanctions regime.

“Day after day, we have sanctions in place and they are duly notified to the competent authorities. And of course these sectors are also overseen by the Jersey Financial Services Commission.

The minister did not confirm whether any assets had been frozen on the island since the new sanctions were imposed on the grounds that he believed “continued comment” was not necessary.

“It’s not just an issue that Jersey will play its part in,” he said. “We will play our part and we will sanction individuals and companies aligned with the UK and the international community in the way we have indicated.”

Senator Gorst added that the correct application of the sanctions would “enhance” Jersey’s international reputation.

“If there are any funds, assets or individuals here who are connected in the way intelligence agencies tell us, we want them to be subject to this set of measures appropriately,” he said. -he declares.

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