Guernsey Financial Services Commission issues Russia sanctions notice following UK designations of 10 individuals and entities

The Guernsey Financial Services Commission (GFSC) published a Russia sanctions notice advising firms that 10 individuals and entities have been designated under the UK Russia (Sanctions) (EU Exit) Regulations 2019, as given effect in the Bailiwick of Guernsey under local implementing legislation. The notice reminds businesses of their obligations to identify any relevant relationships, freeze assets, and make required reports. The designated persons listed are Ahmed Kerimov, Talat Safarov, Anar Madatli, Etibar Eyyub, Tahir Garayev, Soglasie Insurance Company Limited, Romarine AS, BX Energy, and Nord Axis Ltd. Firms must check whether they hold accounts for, or otherwise have relationships with, any designated person (or those owned or controlled by them, or acting on their behalf), treat relevant funds and economic resources as frozen with immediate effect if not already frozen, and refrain from making funds or economic resources available to or for the benefit of designated persons except where a permitted derogation applies or a licence has been issued by the States of Guernsey Policy & Resources Committee. Any findings must be reported immediately to the Policy & Resources Committee, and affected relationships must also be reported to the GFSC in line with Handbook Rule 12.37, including at least the name of the relevant customer/beneficial owner/key principal (or linked transaction/asset) and the nature of the business relationship or occasional transaction, including the transaction and/or asset value. The report to the Commission should be made as soon as reasonably practicable after statutory reporting to the Policy & Resources Committee has been completed.