Jersey, Guernsey and the Isle of Man are set to send information about Russian assets registered in their jurisdictions to the Russian tax authorities.
The Crown Dependencies will share details on bank accounts, properties, investments and other assets owned by Russian citizens to the Russian Federal Tax Service this year, RBC has reported, according to the Moscow Times.
In 2019 London and Moscow cancelled an international agreement which facilitated the sharing of such financial information between the two. In line with the UK-wide refusal, the islands did not participate in automatic information sharing last year.
Russia lifted all previous restrictions on Russian citizens holding overseas bank accounts from the beginning of January — as long as those accounts are registered in a jurisdiction which participates in automatic information sharing with the Russian tax authorities.
In total, the Russian tax authorities shared information with 58 countries, residents of which held assets in Russia, and received information from 70 countries about Russian overseas assets for 2018.