Guernsey Financial Services Commission corrects OJSC Keremet Bank entry under Russia sanctions and reiterates asset-freeze obligations

The Guernsey Financial Services Commission (GFSC) published a Russia sanctions notice correcting the entry for OJSC Keremet Bank (Group ID: 16829) and confirming it remains subject to an asset freeze and trust services sanctions. The notice reminds firms that the entity appears on the UK consolidated list and that UK sanctions regimes are implemented in Guernsey through the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020 made under the Sanctions (Bailiwick of Guernsey) Law, 2018. Businesses must check for accounts or other relationships with the designated entity and other designated persons, freeze relevant funds and economic resources with immediate effect if not already frozen, and avoid making funds or economic resources available (directly or indirectly) to designated persons or entities they own or control unless permitted by derogation or licence. Any findings must be reported immediately to the States of Guernsey Policy & Resources Committee, and affected relationships must also be reported to the GFSC under Handbook Rule 12.37, including at least the relevant customer or transaction identifiers and the nature and value of the relationship or transaction, after statutory reporting to the Policy & Resources Committee.