The Guernsey Financial Services Commission published a Russia sanctions notice advising that the identifying details for Michel Litvak (Unique ID: RUS2410), designated under the UK Russia (Sanctions) (EU Exit) Regulations 2019, have been amended. Litvak remains subject to an asset freeze and trust services sanctions, and the designation continues to appear on the UK consolidated list as implemented in the Bailiwick of Guernsey under the local Sanctions Law framework. Businesses must check whether they maintain any accounts or other relationships with the individual or any other person or entity designated under the relevant legislation and ensure that any funds, other assets or economic resources belonging to, owned, held or controlled by them are treated as frozen with immediate effect where this is not already the case. Any findings must be reported immediately to the States of Guernsey Policy & Resources Committee, and firms must not make funds or economic resources available to designated persons, or to entities they own or control, except where a permitted derogation applies or a licence has been issued. Where an affected relationship is identified, firms must also inform the Commission and submit a report under Handbook Rule 12.37 setting out at least the relevant customer or transaction or asset linked to the sanctioned person and the nature and value of the relationship or transaction, as soon as reasonably practicable after meeting the statutory reporting requirements to the Policy & Resources Committee.

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