Guernsey Financial Services Commission corrects Gazprom Neft Russia sanctions entry and reiterates asset-freeze requirements

The Guernsey Financial Services Commission published a Russia sanctions notice advising that the UK consolidated list entry for GAZPROM NEFT (Group ID 16736) has been corrected with updated or additional information, while confirming the entity remains subject to an asset freeze and trust services sanctions. The notice notes that UK regulations are given effect in the Bailiwick of Guernsey under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations 2020 made under the Sanctions (Bailiwick of Guernsey) Law 2018. The notice instructs businesses to check whether they hold accounts or have any relationship with the designated entity (or any other designated person) and to ensure relevant funds, assets and economic resources are treated as frozen with immediate effect, including assets held or controlled directly or indirectly and related derived property such as interest or dividends. Any findings must be reported to the States of Guernsey Policy & Resources Committee and firms must meet the reporting obligations in section 14 of the Sanctions Law, while also refraining from making funds or economic resources available to designated persons or entities they own or control except where a permitted derogation applies or a licence has been issued; where an affected relationship is identified, firms should additionally notify the Commission and provide a Handbook Rule 12.37 report with at least the relevant customer/beneficial owner or linked transaction/asset and the nature and value of the relationship or transaction, as soon as reasonably practicable after statutory reporting to the Policy & Resources Committee.