The Guernsey Financial Services Commission issued a sanctions notice confirming that 24 entries have been removed from the United Kingdom’s Syria financial sanctions regime and are no longer subject to an asset freeze in the Bailiwick of Guernsey. The consolidated list has been updated. Removed entities are Real Estate Bank of Syria, Saving Bank, Agricultural Cooperative Bank, Central Bank of Syria, Commercial Bank of Syria, Industrial Bank, Popular Credit Bank, Syrian Lebanese Commercial Bank, Cotton Marketing Organisation, Deir Ez-Zur Petroleum Company, Dijla Petroleum Company, Ebla Petroleum Company, Overseas Petroleum Trading, Pangates International Corps. Ltd, Al Furat Petroleum Company, General Organisation of Tobacco, General Petroleum Corporation, Mahrukat Company, Syria Trading Oil Company, Syrian Company for Oil Transport, Syrian Petroleum Company, the Baniyas Refinery Company, the Homs Refinery Company and Syrian Arab Airlines. The notice also reiterates that UK sanctions regimes are given effect in Guernsey under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations 2020 made under the Sanctions (Bailiwick of Guernsey) Law 2018, with further guidance on asset freezes and licensing available via the States of Guernsey sanctions webpage.
Guernsey Financial Services Commission 2025-03-06
Guernsey Financial Services Commission reports Central Bank of Syria and 23 other entities removed from the UK Syria asset-freeze regime
The Guernsey Financial Services Commission announced the removal of 24 entities from the United Kingdom’s Syria financial sanctions regime, lifting the asset freeze in the Bailiwick of Guernsey. The updated list includes major Syrian banks and petroleum companies. UK sanctions are implemented in Guernsey under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations 2020.