Guernsey Financial Services Commission updates Russia sanctions entries for five UK-listed designees and reiterates asset-freeze reporting duties

The Guernsey Financial Services Commission (GFSC) has issued a Russia sanctions notice confirming that the designation details for Aleksandr Aleksandrovich Shulgin, Alisher Usmanov, USM Holdings Limited, Mihajlo Perencevic and Namina Dadashova have been amended on the UK sanctions list. The five remain subject to an asset freeze and trust service sanctions, with UK Russia sanctions given effect in the Bailiwick of Guernsey under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations 2020 made under the Sanctions (Bailiwick of Guernsey) Law 2018. The notice reminds all businesses to check whether they hold accounts or any other relationships with the listed designees or any other designated person, and to ensure that any funds or economic resources owned, held or controlled by them are treated as frozen with immediate effect. It also reiterates prohibitions on making funds or economic resources available to designated persons (including through owned or controlled entities or persons acting on their behalf), except where a permitted derogation applies or a licence has been issued by the Policy & Resources Committee, and sets out expectations to report findings to the Policy & Resources Committee and to provide a follow-up report to the GFSC under Handbook Rule 12.37 including, at a minimum, the relevant party or asset and the nature and value of the relationship or transaction.