The Jersey Financial Services Commission said on Thursday that the information will help it shape the jurisdiction's response to Russia's invasion of Ukraine. It added that it will email companies on the island and ask those with connections to complete a "data collection exercise."
"This work is part of a coordinated effort by island agencies to better understand Jersey's overall exposure to Russia, Ukraine and Belarus," said the commission, which set a March 8 deadline for businesses to submit their completed forms.
The call for data came as the regulator published a statement by the island's cyber-response unit. The unit warned financial firms that they should prepare for malicious cyber-activity — even though there is no evidence of a specific threat to Jersey organizations.
The commission also pointed to a statement from Sen. Ian Gorst, Jersey's minister of external relations. Gorst stressed that the crown dependency stands alongside the U.K. and international partners in condemning the Russian invasion of Ukraine.
Gorst also said in his statement on March 1 that Jersey acts in alignment with the U.K. on foreign policy and has implemented all British and United Nations sanctions on Russia.
"I will not hesitate to take targeted measures to prevent Jersey services providers or structures being abused, and we will continue to do everything we can to ensure that the intent of these measures is achieved," Gorst said.
London has announced a raft of economic measures against Moscow since Russian forces invaded Ukraine last month. Actions taken include sanctions against five Russian banks, which Prime Minister Boris Johnson said were among just the first barrage of what the U.K. is prepared to do.
Britain said on Thursday that it will prohibit Russian aviation and aerospace industries from taking out insurance or reinsurance in the U.K, in a new round of sanctions after the country invaded Ukraine. HM Treasury said that, coupled with similar actions by the European Union, the move "further isolates Russia's economy from the international financial system."
The EU last month banned insurers from providing insurance for aviation and aerospace parts or equipment.
--Additional reporting by Najiyya Budaly and Martin Croucher. Editing by Joe Millis.
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