The Guernsey Financial Services Commission published a Russia sanctions notice advising that INTERSHIPPING SERVICES LLC (OFSI Group ID 16972; Unique ID RUS2754) and LITASCO MIDDLE EAST DMCC (OFSI Group ID 16976; Unique ID RUS2876) have been designated under the United Kingdom Russia (Sanctions) (EU Exit) Regulations 2019. The designations, which are given effect in the Bailiwick through Guernsey’s implementing regulations made under the Sanctions (Bailiwick of Guernsey) Law 2018, place both entities under an asset freeze and trust services sanctions and add them to the UK consolidated list. Businesses are required to check for any accounts or other relationships with the designated entities (or any other designated person) and to treat as frozen, with immediate effect, any funds or economic resources directly or indirectly belonging to, owned, held or controlled by them, including derived interest, dividends and other property, as well as assets linked to persons acting on their behalf or at their direction. Firms must also refrain from making any funds or economic resources available to designated persons or to entities they own or control, unless a permitted derogation applies or a licence has been issued by the States of Guernsey Policy & Resources Committee, and must meet the reporting obligations set out in section 14 of the Sanctions Law. Any findings must be reported immediately to the Policy & Resources Committee; where an affected relationship is identified, firms must also inform the Commission and provide a report under Handbook Rule 12.37, including at least the relevant customer or transaction/asset link and the nature and value of the relationship or occasional transaction, as soon as reasonably practicable after making the statutory report to the Policy & Resources Committee.

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