Guernsey Financial Services Commission issues Russia sanctions notice on seven new UK designations triggering asset freezes and trust service sanctions

The Guernsey Financial Services Commission published a Russia sanctions notice advising firms that seven persons and entities have been designated under the UK Russia sanctions regime and, as given effect in the Bailiwick of Guernsey, are now subject to an asset freeze and trust service sanctions. The designations cover Aleksandr Geljevitj Dugin, Mikhail Sergeevich Zvinchuk, Center for Geopolitical Expertise, Euromore, Foundation for the Support and Protection of the Rights of Compatriots Living Abroad, Golos and Rybar LLC. Firms are required to check whether they hold any accounts or relationships with the designated parties (or any other UK-designated person) and to treat as frozen, with immediate effect, any funds, other assets or economic resources owned, held or controlled by them directly or indirectly, including related interest, dividends and other property derived from such funds or resources, as well as assets of persons acting on their behalf or at their direction. Businesses must also refrain from making funds or economic resources available (directly or indirectly) to designated persons, entities they own or control, or persons acting on their behalf, except where a permitted derogation applies or a licence has been issued by the States of Guernsey Policy and Resources Committee; any findings must be reported to that Committee immediately and then reported to the Commission in line with Handbook Rule 12.37, including the relevant customer or transaction identification and the relationship or transaction details and value.