The Guernsey Financial Services Commission published a Russia sanctions notice advising that the designation details for seven individuals and entities have been amended under the United Kingdom’s Russia sanctions regime as applied in the Bailiwick of Guernsey. The affected designees remain subject to an asset freeze and trust services sanctions. The amended entries relate to Igor Borisovich Bystrov (Unique ID: RUS2626), Shanghai New Chess Int’l Logistics Co., Ltd. (RUS2617), Shanghai New Chess Co., Ltd. (RUS2618), MT-Systems LLC (RUS2620), ATOMA LLC (RUS2622), Pioneer Trade LLC (RUS2640) and Limited Liability Company "Market Special Depository" (RUS2686). The notice references designations made under The Russia (Sanctions) (EU Exit) Regulations 2019 and implemented locally under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations 2020 made under the Sanctions (Bailiwick of Guernsey) Law 2018. All businesses are instructed to check whether they hold accounts for, or otherwise have any relationship with, designated persons and to treat relevant funds, other assets and economic resources as frozen with immediate effect if not already. Any findings must be reported immediately to the States of Guernsey Policy & Resources Committee, and firms must meet statutory reporting obligations under section 14 of the Sanctions Law; they must also refrain from making funds or economic resources available to designated persons or connected parties except where a permitted derogation applies or a licence has been issued. Where an affected relationship is identified, firms are also expected to inform the Commission and provide a report in line with Handbook Rule 12.37 setting out, at a minimum, the linked customer or transaction and the nature and value of the relationship or transaction.
Guernsey Financial Services Commission 2025-05-28
Guernsey Financial Services Commission amends details for seven Russia sanctions designations and reiterates asset freeze requirements
The Guernsey Financial Services Commission amended designation details for seven individuals and entities under the UK's Russia sanctions in Guernsey. Affected parties remain subject to asset freeze and trust services sanctions. Businesses must freeze relevant assets, report findings to the States of Guernsey Policy & Resources Committee, adhere to statutory reporting obligations, and refrain from providing funds or resources to designated persons unless permitted by derogation or licence.