The Guernsey Financial Services Commission issued a Russia sanctions notice confirming that four individuals and entities have been designated under the UK’s Russia (Sanctions) (EU Exit) Regulations 2019, which are given effect in the Bailiwick of Guernsey, and are now subject to an asset freeze. Firms are required to check whether they hold accounts for, or otherwise have relationships with, the designated persons and to treat relevant funds, assets and economic resources as frozen with immediate effect where this is not already the case. The designations cover Otar Anzorovich Partskhaladze, Levan Shioyevich Vasadze, HeliCo Group LLC and AEZA INTERNATIONAL LTD, which also appear on the UK consolidated list. The notice highlights that freezing applies to assets directly or indirectly belonging to, owned, held or controlled by designated persons, including derived interest and dividends and assets held on their behalf or at their direction, and that businesses must not make funds or economic resources available (directly or indirectly) to designated persons or to entities they own or control, except under a permitted derogation or licence determined or issued by the Policy & Resources Committee. Any findings must be reported immediately to the Policy & Resources Committee and reporting obligations under section 14 of the Sanctions (Bailiwick of Guernsey) Law, 2018 must be met; affected relationships must also be notified to the Commission, with a Handbook Rule 12.37 report setting out (at minimum) the relevant customer/beneficial owner/key principal or linked transaction/asset, and the nature and value of the relationship or occasional transaction. The Rule 12.37 report should be submitted to the Commission as soon as reasonably practicable after the firm has made the required statutory report to the Policy & Resources Committee.
Guernsey Financial Services Commission 2025-09-19
Guernsey Financial Services Commission flags four new UK Russia sanctions designations and reiterates immediate asset-freeze and reporting steps
The Guernsey Financial Services Commission has issued a Russia sanctions notice designating four individuals and entities under the UK's Russia (Sanctions) (EU Exit) Regulations 2019, now effective in Guernsey, subjecting them to an asset freeze. Firms must verify relationships with these designated persons, freeze relevant assets, and report findings to the Policy & Resources Committee and the Commission. The designations include Otar Anzorovich Partskhaladze, Levan Shioyevich Vasadze, HeliCo Group LLC, and AEZA INTERNATIONAL LTD.