The Guernsey Financial Services Commission issued a Russia sanctions notice confirming that the UK sanctions list entry for German Valentinovich Belous (Group ID 14797) has been amended, while the individual remains subject to an asset freeze under The Russia (Sanctions) (EU Exit) Regulations 2019 as implemented in the Bailiwick of Guernsey. Businesses must check whether they have any accounts or other relationships with the designated person and ensure any relevant funds, assets or economic resources are treated as frozen with immediate effect, including assets held or controlled directly or indirectly (whether wholly or jointly) and related proceeds such as interest and dividends, as well as assets held by persons acting on the designated person’s behalf or at their direction. Any findings must be reported immediately to the States of Guernsey Policy & Resources Committee, firms must meet the Sanctions (Bailiwick of Guernsey) Law, 2018 reporting requirements, refrain from making funds or economic resources available to designated persons or entities they own or control unless covered by a permitted derogation or licence, and submit a sanctions report to the Commission in line with Handbook Rule 12.37 as soon as reasonably practicable after statutory reporting.
Guernsey Financial Services Commission 2025-10-16
Guernsey Financial Services Commission amends Russia sanctions details for German Valentinovich Belous and reiterates asset-freeze obligations
The Guernsey Financial Services Commission announced an amendment to the UK sanctions list entry for German Valentinovich Belous, who remains subject to an asset freeze under The Russia (Sanctions) (EU Exit) Regulations 2019. Businesses must ensure accounts or relationships with the designated person are frozen and report findings to the States of Guernsey Policy & Resources Committee, complying with the Sanctions (Bailiwick of Guernsey) Law, 2018.