Guernsey Financial Services Commission updates Russia sanctions notice for amended UK designations of Yegor Karasev and OJSC Keremet Bank

The Guernsey Financial Services Commission (GFSC) issued a Russia sanctions notice after the UK designation details for Yegor Yurievich Karasev and OJSC Keremet Bank were amended. Both remain subject to an asset freeze and trust services sanctions under the Russia (Sanctions) (EU Exit) Regulations 2019 as implemented in the Bailiwick of Guernsey. The notice directs all businesses to check for any accounts or other relationships with the designated individual and entity, or any other designated person under the relevant legislation, and to ensure any funds or economic resources owned, held or controlled by them (including indirectly, jointly, derived property, or assets held by persons acting on their behalf) are treated as frozen. Any findings must be reported immediately to the States of Guernsey Policy & Resources Committee and firms must avoid making funds or economic resources available to designated persons or entities they own or control, unless a permitted derogation applies or a licence has been issued. Where an affected relationship is identified, firms should also notify the GFSC and submit a report under Handbook Rule 12.37, including at least the relevant customer or transaction details and the nature of the relationship or transaction (including value), as soon as reasonably practicable after meeting statutory reporting obligations to the Policy & Resources Committee.