The Guernsey Financial Services Commission has notified businesses that 10 entities have been designated under the United Kingdom’s Russia sanctions regime, which applies in the Bailiwick of Guernsey. The entities include PJSC SIBUR Holding, PJSC Oil and Gas Company Slavneft and LLC Vostok Oil. They are now subject to asset freezes, director disqualification sanctions, transport sanctions and trust services sanctions.
Businesses must check accounts and other relationships for connections to designated parties and immediately freeze relevant funds, assets and economic resources. This includes assets owned or controlled indirectly or jointly, income derived from those assets and assets belonging to those acting on designated parties’ behalf or at their direction. Businesses must not make funds or economic resources available to designated parties, entities they own or control, or those acting for them, unless a permitted derogation or licence applies. Findings must be reported immediately to the Policy & Resources Committee. Under Handbook Rule 12.37, firms must also report affected relationships to the Commission as soon as reasonably practicable after meeting their statutory reporting obligations to the committee. The report must identify the relevant customer, beneficial owner, key principal or linked transaction or asset, and describe the relationship or transaction, including any transaction or asset value.