The Guernsey Financial Services Commission (GFSC) published a sanctions notice advising that 51 ships have been specified under the UK’s Russia (Sanctions) (EU Exit) Regulations 2019 and setting out the checks and reporting actions Guernsey businesses must take where they identify links to the listed vessels. The UK measures are given effect in the Bailiwick through the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations 2020 made under the Sanctions (Bailiwick of Guernsey) Law 2018. Businesses are required to check for business relationships linked to the specified ships, familiarise themselves with applicable obligations, and report any findings to the States of Guernsey Policy & Resources Committee immediately, including meeting statutory reporting obligations under section 14 of the Sanctions Law. Where an affected relationship is identified, firms should also notify the GFSC and, under Handbook Rule 12.37, provide a report to the Commission (after statutory reporting to the Policy & Resources Committee) that includes at least the relevant customer or related party or the linked transaction/asset, and the nature of the relationship or occasional transaction including the transaction/asset value.
Guernsey Financial Services Commission 2025-10-15
Guernsey Financial Services Commission issues Russia sanctions notice listing 51 specified ships and reporting steps for businesses
The Guernsey Financial Services Commission issued a sanctions notice identifying 51 ships under the UK's Russia (Sanctions) (EU Exit) Regulations 2019, requiring Guernsey businesses to check and report links to these vessels. Businesses must comply with the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations 2020 and report findings to the States of Guernsey Policy & Resources Committee and the GFSC, detailing customer or transaction links and complying with statutory and Handbook Rule 12.37 requirements.