The Guernsey Financial Services Commission has published a sanctions notice advising that 40 ships have been specified under the United Kingdom’s Russia (Sanctions) (EU Exit) Regulations 2019, as given effect in the Bailiwick of Guernsey. The notice instructs businesses to check for any business relationships linked to the listed vessels and to follow applicable sanctions and reporting obligations. Firms are required to report any findings immediately to the States of Guernsey Policy and Resources Committee and ensure compliance with the reporting obligations under section 14 of the Sanctions (Bailiwick of Guernsey) Law, 2018, with the information sought for the Committee’s purposes under section 15. Where an affected relationship is identified, firms should also notify the Commission and, under Handbook Rule 12.37, submit a report including at minimum the relevant customer or transaction and the nature of the relationship or occasional transaction, including the associated value, as soon as reasonably practicable after meeting the statutory reporting requirements to the Policy and Resources Committee.
Guernsey Financial Services Commission 2025-02-24
Guernsey Financial Services Commission issues Russia sanctions notice listing 40 specified ships
The Guernsey Financial Services Commission issued a sanctions notice identifying 40 ships under the UK's Russia (Sanctions) (EU Exit) Regulations 2019, applicable in Guernsey. Businesses must review connections to these vessels and adhere to sanctions and reporting duties, notifying the States of Guernsey Policy and Resources Committee and the Commission of any findings. Compliance with the Sanctions (Bailiwick of Guernsey) Law, 2018, and Handbook Rule 12.37 is required, including detailed reporting of affected relationships or transactions.