Guernsey Financial Services Commission updates Russia sanctions entry for LLC RUSNEFTEGAZ GROUP and reiterates asset freeze reporting duties

The Guernsey Financial Services Commission issued a Russia sanctions notice confirming that the details for LLC RUSNEFTEGAZ GROUP (Group ID 17262), designated under the Russia (Sanctions) (EU Exit) Regulations 2019, have been amended to align the entry with the UK Sanctions List. The entity remains subject to an asset freeze and trust services sanctions, with UK regimes implemented in the Bailiwick via the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020 under the Sanctions (Bailiwick of Guernsey) Law, 2018. Businesses must check whether they have any accounts or other relationships with the named entity or any other designated person and, if so, freeze with immediate effect any funds, other assets or economic resources owned, held or controlled directly or indirectly, including derived interest, dividends or other property and assets held on their behalf. Any findings must be reported immediately to the States of Guernsey Policy & Resources Committee in line with section 14 reporting obligations, and firms must refrain from making funds or economic resources available to designated persons, entities they own or control, or those acting on their behalf unless covered by a permitted derogation or licence; firms identifying an affected relationship must also notify the Commission and provide a Handbook Rule 12.37 report as soon as reasonably practicable after meeting the statutory reporting requirement.