The Guernsey Financial Services Commission published a Russia sanctions notice identifying ships specified under the United Kingdom’s Russia (Sanctions) (EU Exit) Regulations 2019, as given effect in the Bailiwick of Guernsey, and set out the steps businesses should take to identify and report any links. The notice lists each ship by name, International Maritime Organization number and unique ID. Firms are required to check whether they have any business relationships linked to the specified ships, report any findings immediately to the States of Guernsey Policy & Resources Committee, and ensure compliance with the reporting obligations in section 14 of the Sanctions (Bailiwick of Guernsey) Law 2018. Where an affected relationship is identified, firms should also notify the Commission and provide a report meeting Handbook Rule 12.37, including (at a minimum) the relevant customer, beneficial owner, key principal or linked transaction and/or asset, the nature of the relationship or occasional transaction, and the transaction and/or asset value. The Rule 12.37 report is to be provided to the Commission as soon as reasonably practicable after the statutory report has been made to the Policy & Resources Committee.
Guernsey Financial Services Commission 2025-07-22
Guernsey Financial Services Commission issues Russia sanctions notice listing specified ships and reminding firms of reporting duties
The Guernsey Financial Services Commission issued a Russia sanctions notice under the UK's Russia (Sanctions) (EU Exit) Regulations 2019, applicable in Guernsey, detailing ships subject to sanctions. Firms must identify and report any business links to these ships to the States of Guernsey Policy & Resources Committee and comply with section 14 of the Sanctions (Bailiwick of Guernsey) Law 2018. Affected firms should notify the Commission with a Rule 12.37 report detailing relevant transactions and relationships.