Roman Abramovich has assets worth $7 bn frozen in tax haven Jersey

More than $7 billion of assets linked to Roman Abramovich were frozen by authorities in the English Channel tax haven of Jersey, in the latest crackdown on offshore wealth held by sanctioned Russian billionaires.

The Jersey Royal Court imposed a freezing order on the assets, the local government said in a statement Wednesday. At the same time, police executed a search warrant on premises “suspected to be connected” to him.

Abramovich was sanctioned by the European Union and the U.K. last month as part of sweeping penalties against tycoons believed to be close to Russian President Vladimir Putin. Western measures against Abramovich have left his assets frozen and the future of his football club Chelsea FC uncertain.

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Representatives for Abramovich, who has a net worth of $13.9 billion according to the Bloomberg Billionaires Index, didn’t immediately respond to requests for comment. Jersey’s Law Officers’ Department said it couldn’t currently comment beyond the statement.

As part of the Channel Islands, Jersey is a self-governing British crown dependency 14 miles away from France that relies on Britain for its defense. Aside from financial services firms and tourists, the island has long been a magnet for the rich.

Jersey-registered Camberley International Investments Ltd., which has an address in the island’s capital St Helier, is the provider of an outstanding $1.4 billion loan to Abramovich’s Chelsea holding company, according to U.K. filings from last year.