Court papers released in Jersey have revealed how the island tax haven granted residency to Russian billionaire Roman Abramovich in 2017, with tacit approval from the UK government. The documents, published after a gagging order was lifted, show that Abramovich and four associates were given safe harbour under a special scheme for ultra-high net worth individuals.
The oligarch was also permitted to relocate companies controlling the bulk of his fortune to Jersey, including holdings worth $7 billion transferred in 2021, months before Russia's invasion of Ukraine. A company of which Abramovich was the ultimate beneficial owner was granted a licence to operate in Jersey in 2016, managing his wealth and advising on philanthropic activities, aircraft, yachts, and investments.
The judgments indicate that London was extensively consulted on the matter, with at least seven background checks and four face-to-face meetings between Jersey and UK officials over several years. No objections were raised, despite heightened sensitivity around Kremlin-linked figures after Russia's annexation of Crimea in 2014 and the Salisbury poisonings in 2018.
However, following Russia's assault on Ukraine in February 2022, Jersey authorities froze $7 billion of assets suspected of being connected 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, during the 1990s.
Abramovich's lawyers have denied any corruption and claim the investigation is politically motivated. A lawyer for one of his corporate entities stated that the oligarch was 'encouraged' to bring his assets to Jersey, and that what followed was 'state-engendered entrapment'. Abramovich and associated parties have sought to overturn the asset freeze since 2023.
