A Jersey court froze $7 billion in assets believed to be connected to Russian oligarch Roman Abramovich.

Why it matters: It's a massive freeze by the English Channel tax haven, equivalent to half of the billionaire’s publicly estimated wealth, per Bloomberg.

• Jersey's Royal Court issued the freeze, formally known as a saisie judiciaire, on the assets on April 12. The assets are either located in Jersey or owned by Jersey incorporated entities.

The big picture: Abramovich was sanctioned by the United Kingdom last month over Russia's invasion of Ukraine and his ties to Russian President Vladimir Putin.

• He's currently attempting to sell Chelsea FC, the Premier League soccer club, while two of his yachts have been identified for seizure in Antigua and Barbuda, Reuters reported.
• Abramovich is one of many Russian oligarchs facing sanctions and seizures because of the invasion and their relationship with the Kremlin.

Go deeper: How many Russian oligarchs' yachts have been seized so far