A Swiss court has authorized the British Crown dependency of Jersey to access banking records in connection with a money laundering and sanctions investigation involving Russian billionaire Roman Abramovich. This development marks a significant step in inquiries focused on Abramovich’s financial dealings and compliance with international sanctions imposed following Russia’s 2022 invasion of Ukraine.
Investigation Background and Court Rulings
The investigation stems from a June 2022 request by Jersey for criminal assistance from Switzerland to obtain banking records linked to Abramovich. The legal proceedings saw Abramovich’s lawyers appealing to block the transfer of these documents, but the Swiss court rejected the appeal in May 2025, allowing Jersey to access the pertinent financial records. The request underscores Jersey’s enforcement of sanctions aligned with those imposed by the United Kingdom on individuals connected to Russia’s military actions in Ukraine.
Allegations and Financial Transactions
Central to the investigation are allegations that Abramovich paid bribes in the 1990s to acquire the Russian oil company Sibneft. He purchased Sibneft in 1995 for approximately $100 million and subsequently sold a 73% stake to Gazprom, the Russian state-owned energy giant, for $13 billion. Jersey officials suspect the proceeds from this transaction were funneled through trusts and companies based on the island, potentially indicating attempts at money laundering or sanctions evasion.
Sanctions and Legal Status
Following Russia’s full-scale invasion of Ukraine in March 2022, Britain sanctioned Abramovich. Jersey enforces these same restrictions given its alignment with UK sanctions policy. Abramovich’s net worth is estimated to be around $9.2 billion. Despite these developments, Abramovich denies any financial ties to the Kremlin. His legal representatives emphasize that he has not been charged with any crime, highlighting that there are currently no criminal proceedings against him in Jersey. Abramovich holds Russian, Israeli, and Portuguese citizenship and has been sanctioned by the European Union, the United Kingdom, and Canada, but notably, not by the United States.
Official Statements and Media Coverage
The investigation and court ruling were first reported by The Guardian, which quoted a spokesperson for Jersey’s attorney general stating they could not comment on ongoing investigations. Abramovich’s lawyers have strongly denied allegations against him, stating, “Any suggestion that Mr. Abramovich has been involved in criminal activity is false.” The Swiss law firm representing Abramovich did not respond to requests for comment from The Guardian.
Broader Context and Implications
This probe into Roman Abramovich’s financial activities is part of larger international efforts to enforce sanctions and investigate potential money laundering linked to Russian oligarchs. Jersey’s cooperation with Swiss authorities reflects increased regulatory scrutiny on offshore financial centers believed to be used for potentially illicit financial flows. The case also highlights ongoing challenges in enforcing sanctions designed to pressure individuals and entities connected to geopolitical conflicts.
AML Editor’s article was originally published in themoscowtimes on Sep,8 2025