Under £2m frozen Russian assets in island

Sunday 15th May 2022 11:32 am
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Isle of Man Government Covid-19 briefing for Thursday, June 17 2021 - pictured is health minister David Ashford (Isle of Man Newspapers )

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There are currently just under £2m frozen Russian assets in the island.

Treasury Minister David Ashford revealed the figure in the House of Keys sitting this week in response to a question posed by John Wannenburgh.

‘Information received from the Financial Intelligence Unit indicates that there is approximately £1.9m of reported frozen Russian assets,’ he said.

‘However the assets that make up this figure are currently being examined to identify if these assets are actually held in the Isle of Man.

‘In total, there have been 22 aircraft and 49 pleasure craft deregistered by the island’s aircraft and ship registries.’

Mr Wannenburgh asked if there was any concern about how this is affecting the island’s financial services.

The minister said it makes up a ‘very small’ percentage of business in the island.

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