More than $7 billion of assets suspected of belonging to Russian oligarch Roman Abramovich were just frozen by the Government of Jersey

• Over $7 billion in assets suspected of belonging to Russian oligarch Roman Abramovich were seized.
• The Royal Court of the Island of Jersey froze assets located there or owned by entities incorporated there.

The Royal Court of the island state of Jersey has frozen more than $7 billion in assets suspected of being connected to Russian oligarch Roman Abramovich.

In a statement released Wednesday, the Law Officers' Department said it executed search warrants on Tuesday at locations believed to be related to Abramovich's businesses.

The freezing order, known as a "saisie judiciaire," covers assets either located in Jersey or owned by entities incorporated there.

Abramovich's fortune is currently estimated at $13.9 billion, according to Bloomberg, but it is unclear how these recently frozen assets factor in.

The steel and nickel tycoon's wealth tumbled by about $3 billion following Russia's invasion of Ukraine, and in March he said he would sell the Chelsea Football Club, which he has owned since 2003.

In addition, Abramovich is believed to be the owner of several yachts, two of which appear to be avoiding ports where they might be seized, while another was reportedly transferred to a business associate just hours after the invasion started.

The UK and EU have levied sanctions against Abramovich, but the billionaire has so far escaped targeting by the US, possibly at the request of Ukrainian President Volodymyr Zelenskyy. Abramovich was been seen attending peace talks in Istanbul in March.