The Guernsey Financial Services Commission has notified businesses that eight ships have been specified under the UK’s Russia sanctions regulations, which apply in the Bailiwick of Guernsey. Businesses must check for relationships linked to the vessels, identify the applicable obligations and immediately report any findings to the States of Guernsey Policy & Resources Committee. The ships are CHAIVO, PORTOVYY, ALEKSEY KOSYGIN, KONSTANTIN POSIET, PYOTR STOLYPIN, BEBEK-E, AVACHA and GALLE ENERGY. Firms that identify an affected relationship must also report it to the Commission as soon as reasonably practicable after meeting their statutory reporting obligations. Under Handbook Rule 12.37, the report must identify the relevant customer, beneficial owner, key principal, transaction or asset and describe the relationship or occasional transaction, including the transaction or asset value.
Guernsey Financial Services Commission directs firms to check links to eight ships added to the UK Russia sanctions list
The Guernsey Financial Services Commission has directed businesses to check for relationships linked to eight ships specified under the UK’s Russia sanctions regulations. Findings must be reported immediately to the Policy & Resources Committee, with affected firms also required to provide specified relationship and transaction details to the Commission.