The Guernsey Financial Services Commission advised firms that 10 individuals have been designated under the Russia sanctions regime and are now subject in the Bailiwick of Guernsey to an asset freeze, travel ban, trust services sanctions, director disqualification sanction and internet services sanctions. Businesses must check whether they hold accounts or have any other relationship with the designated persons or related parties, and must freeze with immediate effect any funds, assets or economic resources linked to them if that has not already been done. The designations were made under the United Kingdom's Russia (Sanctions) (EU Exit) Regulations 2019 and take effect in Guernsey through the Bailiwick's sanctions implementation framework. Firms must not make 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 Policy & Resources Committee. Any findings must be reported immediately to the Policy & Resources Committee, and affected firms must also notify the Commission as soon as reasonably practicable after meeting the statutory reporting requirement, including the minimum information required under Handbook Rule 12.37.

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