The Guernsey Financial Services Commission published a notice that details for five Russia sanctions targets on the UK Sanctions List have been varied, while their sanctions status remains unchanged. The update covers Ahmed Kerimov, Talat Safarov, Anar Madatli, 2RIVERS PTE LTD and 2RIVERS DMCC. The three individuals remain subject to an asset freeze, travel ban, trust services sanctions, director disqualification sanction and transport sanction. The two entities remain subject to an asset freeze, trust services sanctions, director disqualification sanction and transport sanction. Because the UK measures apply in the Bailiwick through the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020, businesses must check whether they hold accounts or other relationships involving those persons or any other designated person under the relevant legislation. Any funds or economic resources that belong to, are owned, held or controlled by them, including indirectly or through persons acting on their behalf or at their direction, must be treated as frozen immediately if not already frozen. Firms must report findings to the Policy & Resources Committee, comply with section 14 reporting obligations under the Sanctions Law, and refrain from making funds or economic resources available except where a permitted derogation or licence applies. Where an affected relationship is identified, firms must also inform the Commission and, under Handbook Rule 12.37, submit a report as soon as reasonably practicable after meeting the statutory reporting requirements to the States of Guernsey Policy and Resources Committee. That report must at least identify the relevant customer, beneficial owner, key principal, transaction or asset linked to a sanctioned person, and describe the nature and value of the business relationship, transaction or asset.
Guernsey Financial Services Commission2026-06-09
Guernsey Financial Services Commission flags amended UK Russia sanctions entries for five designated persons
The Guernsey Financial Services Commission said details for three individuals and two entities on the UK Russia sanctions list have been varied, but all remain subject to their existing sanctions measures. Bailiwick firms must continue to identify and freeze relevant assets and report findings to the Policy & Resources Committee. Firms that identify an affected relationship must also notify the Commission and provide the information required under Handbook Rule 12.37.