The Guernsey Financial Services Commission (GFSC) published a Russia sanctions notice confirming that amended entries for GAZPROM NEFT remain in force, including an asset freeze and trust services sanctions (Group ID 16736) and an investment ban (Group ID 13119), reflecting the UK consolidated list as implemented in the Bailiwick. The notice reminds businesses to check for any accounts or other relationships with designated persons and to treat relevant funds, assets and economic resources as frozen with immediate effect where not already frozen. Firms must report findings to the States of Guernsey Policy & Resources Committee, refrain from making funds or economic resources available to designated persons or entities they own or control (except under a permitted derogation or licence), and meet reporting requirements under section 14 of the Sanctions (Bailiwick of Guernsey) Law 2018. Where an affected relationship is identified, firms are also expected to notify the GFSC and submit a report under Handbook Rule 12.37 with at least the customer or transaction details and the nature and value of the relationship or transaction, provided as soon as reasonably practicable after statutory reporting to the Policy & Resources Committee.
Guernsey Financial Services Commission 2025-01-15
Guernsey Financial Services Commission amends Gazprom Neft entries on its Russia sanctions notice and reiterates asset freeze and investment ban obligations
The Guernsey Financial Services Commission (GFSC) issued a Russia sanctions notice confirming that amended entries for GAZPROM NEFT, including asset freeze and trust services sanctions, remain in force, aligning with the UK consolidated list. Businesses must freeze relevant funds and assets, report findings to the States of Guernsey Policy & Resources Committee, and comply with reporting requirements under the Sanctions (Bailiwick of Guernsey) Law 2018. Firms identifying affected relationships must notify the GFSC and submit a report under Rule 12.37.