The Guernsey Financial Services Commission published a Russia sanctions notice advising businesses that 18 ships have been specified under the United Kingdom’s Russia (Sanctions) (EU Exit) Regulations 2019, which are given effect in the Bailiwick under Guernsey’s Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations 2020 made under the Sanctions (Bailiwick of Guernsey) Law 2018. Firms are expected to check for any business relationships linked to the named vessels and comply with the applicable obligations. Businesses must report any findings immediately to the States of Guernsey Policy & Resources Committee and ensure they meet the reporting obligations in section 14 of the Sanctions Law, with information sought by the Committee under section 15. Where an affected relationship is identified, firms should also inform the Commission, and under Handbook Rule 12.37 must submit a report setting out at minimum the relevant customer, beneficial owner, key principal or linked transaction/asset, and the nature of the business relationship or occasional transaction including the transaction or asset value, as soon as reasonably practicable after meeting the statutory reporting requirements to the Policy & Resources Committee.
Guernsey Financial Services Commission 2025-05-20
Guernsey Financial Services Commission issues Russia sanctions notice covering 18 specified ships and reporting steps
The Guernsey Financial Services Commission issued a Russia sanctions notice identifying 18 ships under the UK's Russia (Sanctions) (EU Exit) Regulations 2019, applicable in Guernsey. Firms must verify business links to these vessels, report findings to the States of Guernsey Policy & Resources Committee, and comply with reporting obligations under the Sanctions Law. Affected firms should also notify the Commission and submit a report per Handbook Rule 12.37.