Guernsey Financial Services Commission updates Russia sanctions designation details for Petr Olegovich Aven

The Guernsey Financial Services Commission issued a Russia sanctions notice advising that the designation details for Petr Olegovich Aven (OFSI Group ID 14616; Unique ID RUS0665) have been amended under the Russia (Sanctions) (EU Exit) Regulations 2019. He remains subject to an asset freeze and trust services sanctions, and continues to appear on the UK consolidated list as applied in the Bailiwick through Guernsey’s implementation of UK regimes. The notice reminds businesses to check whether they maintain any accounts or other relationships with the designated individual or any other designated person, and to treat all relevant funds, assets and economic resources as frozen with immediate effect if not already. Firms must report any findings to the States of Guernsey Policy & Resources Committee and comply with reporting obligations under section 14 of the Sanctions (Bailiwick of Guernsey) Law, 2018, and must not make funds or economic resources available to or for the benefit of designated persons (including entities owned or controlled by them, or persons acting on their behalf) unless covered by a permitted derogation or licence. Where an affected relationship is identified, firms should also notify the Commission with short-form information on the sanctions connection and actions taken or planned, and provide a report under Handbook Rule 12.37 as soon as reasonably practicable after completing statutory reporting to the Policy & Resources Committee.