Guernsey Financial Services Commission issues Russia sanctions notice on amended UK listings for Vyacheslav Vladimirovich RUKSHA and ZAPCHASTTRADE LLP

The Guernsey Financial Services Commission published a Russia sanctions notice advising that the UK consolidated list entries for Vyacheslav Vladimirovich RUKSHA and ZAPCHASTTRADE LLP have been amended and reminding businesses to re-check for any links and meet asset-freeze and reporting requirements. Vyacheslav Vladimirovich RUKSHA (Unique ID: RUS1764) remains subject to an asset freeze, travel sanctions and trust services sanctions, while ZAPCHASTTRADE LLP (Unique ID: RUS2305) remains subject to an asset freeze and trust services sanctions. Under Guernsey’s framework giving effect to UK regimes, firms must check whether they hold accounts or otherwise have relationships with designated persons or connected parties, treat relevant funds, assets and economic resources as frozen with immediate effect (if not already), and report findings to the States of Guernsey Policy & Resources Committee in line with the reporting obligations in section 14 of the Sanctions (Bailiwick of Guernsey) Law, 2018. Firms must also refrain from making funds or economic resources available to designated persons or connected parties except where a permitted derogation applies or a licence has been issued by the Policy & Resources Committee. Where an affected relationship is identified, firms should also inform the Commission and submit a report under Handbook Rule 12.37 setting out, at a minimum, the relevant customer/beneficial owner/key principal or linked transaction or asset, and the nature of the relationship or occasional transaction including the transaction or asset value, as soon as reasonably practicable after statutory reporting to the Policy & Resources Committee.