Court papers released in Jersey have revealed that the tax haven granted residency to Russian billionaire Roman Abramovich in 2017, with the tacit approval of the UK government. The documents show that the island’s government allowed Abramovich to relocate companies controlling much of his fortune to Jersey, including assets worth $7bn transferred as recently as 2021, months before Russia’s full-scale invasion of Ukraine.
The judgments, made public after a gagging order was lifted, detail at least seven background checks and four face-to-face meetings between officials in Jersey and London over several years. In none of these communications did British authorities raise objections, despite heightened concerns about Kremlin-linked figures following Russia’s 2014 annexation of Crimea and the 2018 Salisbury poisonings.
Abramovich’s application for residency was approved in September 2017 under a special scheme for ultra-high net worth individuals. A company of which he was the ultimate beneficial owner was also granted a licence to operate in Jersey in 2016, acting as a family office managing his wealth, including philanthropic activities, aircraft, yachts, and investments in Europe and North America.
The tide turned after Russia’s assault on Ukraine. In April 2022, Jersey authorities froze $7bn of assets suspected of being linked to Abramovich, and launched a criminal investigation into suspected money laundering and sanctions breaches. The investigation focuses on whether Abramovich obtained his wealth through corruption while building his oil and gas business, Sibneft, in the 1990s.
Abramovich’s lawyers have denied any corruption and claim the investigation is politically motivated. A lawyer for one of his corporate entities argued that the oligarch was “encouraged” to bring assets to Jersey, calling the subsequent freeze “state-engendered entrapment.” Abramovich and associated parties began legal proceedings in 2023 to overturn the asset freeze, which Jersey’s court of appeal is now considering.
