The Guernsey Financial Services Commission published a Russia sanctions notice advising that the Main Directorate of the General Staff of the Armed Forces of the Russian Federation, Yuriy Alekseevich Sizov, Vladimir Lipchenko and Denis Alexandrovich Smolyaninov have been designated under the United Kingdom’s Russia (Sanctions) (EU Exit) Regulations 2019 and appear on the UK sanctions list. The UK regime is given effect in the Bailiwick of Guernsey under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations 2020 made under the Sanctions (Bailiwick of Guernsey) Law 2018. All businesses are required to check whether they hold accounts for or have any relationship with the designated persons or any other designated party, and to treat as frozen with immediate effect any funds, assets or economic resources that are directly or indirectly owned, held or controlled by them, including associated returns such as interest or dividends and assets held for persons acting on their behalf or at their direction. Findings must be reported immediately to the States of Guernsey Policy & Resources Committee, and 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 or at their direction, except where a permitted derogation applies or a licence has been issued by the Policy & Resources Committee. Where an affected relationship is identified, firms must also notify the Commission and, under Handbook Rule 12.37, provide a report covering at least the relevant customer or transaction/asset linked to the sanctioned person and the nature of the relationship or occasional transaction including the value, as soon as reasonably practicable after meeting the statutory reporting requirements to the Policy & Resources Committee.

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