Guernsey Financial Services Commission updates Russia sanctions notice for Yuri Yakovlevich Chaika and reiterates asset freeze reporting duties

The Guernsey Financial Services Commission issued a Russia sanctions notice advising that the UK designation details for Yuri Yakovlevich Chaika (Group ID 14774) have been amended, while the asset freeze and trust services sanctions remain in force. The designation is made under the Russia (Sanctions) (EU Exit) Regulations 2019 and is reflected on the UK consolidated list, with the UK regime given effect in the Bailiwick under Guernsey’s sanctions implementation framework. Businesses must check whether they hold accounts for, or otherwise have a relationship with, the individual or any other designated person and must freeze with immediate effect any relevant funds, assets or economic resources, including proceeds such as interest or dividends and assets held for persons acting on their behalf. Any findings must be reported immediately to the States of Guernsey Policy & Resources Committee and firms must meet the reporting requirements under section 14 of the Sanctions (Bailiwick of Guernsey) Law, 2018, while refraining from making funds or economic resources available to designated persons or related entities except under a permitted derogation or a licence issued by the Committee. Where an affected relationship is identified, firms are also expected to notify the Commission and submit a Handbook Rule 12.37 report covering the relevant customer or linked transaction or asset, the nature of the relationship or occasional transaction and the value, as soon as reasonably practicable after statutory reporting to the Policy & Resources Committee.