Guernsey Financial Services Commission flags varied Russia sanctions entry for Christodoulos Georgiou Vassiliades, restrictions remain in force

The Guernsey Financial Services Commission issued a notice that the sanctions entry for Christodoulos Georgiou Vassiliades has been varied, but the individual remains subject to sanctions under the Russia sanctions regime as implemented in the Bailiwick of Guernsey. The measures that continue to apply are an asset freeze, travel ban, trust services sanctions and a director disqualification sanction, and the individual will remain on the UK sanctions list. Businesses must check whether they hold accounts for, or otherwise maintain relationships with, the individual or any other designated person, entity or body, and must freeze any relevant funds, assets or economic resources immediately if this has not already been done. They must report any findings to the Policy and Resources Committee, meet the reporting obligations under section 14 of the Sanctions Law, and must not make funds or economic resources available to designated persons or connected parties unless a permitted derogation applies or a licence has been issued. Where an affected relationship is identified, firms must also notify the Commission and then submit a report under Handbook Rule 12.37 setting out, at a minimum, the relevant customer or transaction details and the nature and value of the relationship or asset, as soon as reasonably practicable after completing the statutory report to the Policy and Resources Committee.