Guernsey Financial Services Commission notifies firms of 23 Russia sanctions designations and immediate asset freezes

The Guernsey Financial Services Commission has notified businesses that 22 individuals and Novatek Gas and Power Asia Pte Ltd have been designated under the United Kingdom’s Russia sanctions regime, which applies in the Bailiwick of Guernsey. The designations impose asset freezes, travel bans, trust services sanctions and director disqualification sanctions. All businesses must immediately identify any accounts or relationships connected to the designated parties, including entities they own or control and persons acting on their behalf or at their direction. Relevant funds and economic resources must be frozen, no assets may be made available to or for their benefit without an applicable derogation or licence, and findings must be reported immediately to the Policy & Resources Committee. Regulated firms that identify an affected relationship must also report to the Commission as soon as reasonably practicable after meeting their statutory reporting obligations. The report must include the relevant customer, beneficial owner, key principal, transaction or asset, as well as the nature and value of the relationship, transaction or asset.