Guernsey Financial Services Commission circulates eight new UK Russia sanctions designations and requires firms to freeze assets and report matches

The Guernsey Financial Services Commission published a sanctions notice alerting firms that eight individuals and entities have been designated under the United Kingdom’s Russia (Sanctions) (EU Exit) Regulations 2019 and are now subject to an asset freeze and trust services sanctions in the Bailiwick of Guernsey. The designations cover GRINEX LLC, CJSC TENGRICOIN, OLD VECTOR LLC, OJSC CAPITAL BANK OF CENTRAL ASIA, ALTAIR HOLDING SA, Leonid Shumakov, Zhanyshbek Uulu Nazarbek and Kantemir Kaparbekovich Chalbayev, and they appear on the UK consolidated list. The notice explains that the UK regime is given effect locally via the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020, made under the Sanctions (Bailiwick of Guernsey) Law, 2018. Firms must check whether they hold accounts for, or otherwise have relationships with, any designated persons and immediately treat as frozen any funds or other assets and economic resources belonging to, owned, held or controlled by them (including derived property and assets held for persons acting on their behalf or at their direction). Any findings must be reported immediately to the States of Guernsey Policy & Resources Committee, and firms must also avoid making funds or economic resources available to designated persons (or entities they own/control, or those acting on their behalf) except where a permitted derogation applies or a licence has been issued by the Policy & Resources Committee; affected relationships must also be notified to the Commission, with a report meeting Handbook Rule 12.37 submitted as soon as reasonably practicable after statutory reporting.