Guernsey Financial Services Commission amends Russia sanctions designation details for Red Box Energy Services PTE Ltd

The Guernsey Financial Services Commission published a Russia sanctions notice advising that the designation details for Red Box Energy Services PTE Ltd (Unique ID: RUS2147) have been amended, while the entity remains subject to an asset freeze as well as transport sanctions and trust services sanctions. The designation is made under the United Kingdom’s Russia (Sanctions) (EU Exit) Regulations 2019 and is given effect in the Bailiwick of Guernsey through the local regulations made under the Sanctions (Bailiwick of Guernsey) Law, 2018. Businesses are required to check whether they maintain accounts for, or otherwise have any relationship with, the designated entity or any other designated person, and to ensure relevant funds, other assets and economic resources are treated as frozen with immediate effect if not already frozen, including assets held or controlled directly or indirectly and assets held by persons acting on behalf of, or at the direction of, a designated person. Any findings must be reported immediately to the States of Guernsey Policy & Resources Committee and firms must comply with the reporting obligations under section 14 of the Sanctions Law, while also refraining from making funds or economic resources available to designated persons or controlled entities unless a permitted derogation applies or a licence is granted by the Policy & Resources Committee. Where an affected relationship is identified, firms must also inform the Commission and provide a report under Handbook Rule 12.37 (including, at minimum, the relevant customer or transaction and the nature and value of the relationship) as soon as reasonably practicable after meeting the statutory reporting requirements to the Policy & Resources Committee.