Jersey updated its sanctions rules earlier this month and signalled on 18 February its readiness to respond to Russian aggression over Ukraine with further measures if necessary. 

The move follows the publication by the UK of 'The Russia (Sanctions) (EU Exit) (Amendment) Regulations 2022' on 10 February, which aims to encourage Russia to cease actions destabilising Ukraine or undermining or threatening the territorial integrity, sovereignty or independence of Ukraine.

This sanctions regime prohibits a person from directly or indirectly dealing with a transferable security or money market instrument if it has a maturity exceeding 30 days, and was issued after 1 August 2014 by: Sberbank, VTB bank, Gazprombank, Vnesheconombank (VEB), Rosselkhozbank.

  • an entity incorporated or constituted in a country other than the UK which is owned by one or more of the five banks listed above
  • an entity acting on behalf of or at the direction of those five banks named above or an entity incorporated or constituted in a jurisdiction
  • other than Jersey which is owned by one or more of those five banks.

It is also prohibited for a person to directly or indirectly deal with a transferable security or money market instrument if it has a maturity exceeding 30 days, and was issued after 12 September 2014 by: OPK Oboronprom, United Aircraft Corporation, Uralvagonzavod, Rosneft, Transneft or Gazprom Neft.

  • an entity incorporated or constituted in a jurisdiction other than Jersey which is owned by one or more of the six entities listed above.

According to the Bailiwick Express, senator Ian Gorst said during a Scrutiny Panel hearing on 18 February: "We are ready to implement any relevant sanctions that the UK or UN might issue in relation to any potential Russian aggression."

"We have seen changes to a statutory instrument in the UK. We, at this point, don't need to change anything because we already have a very flexible piece of legislation which allows me to make an order to introduce sanctions.

"Officials have been liaising with the Foreign Office to ensure we are ready straight away to implement those sanctions."