Guernsey Financial Services Commission amends Russia sanctions designation details for Paramount Energy and Commodities DMCC and Niels Oscar Troost

The Guernsey Financial Services Commission issued a Russia sanctions notice advising that the designation details for PARAMOUNT ENERGY AND COMMODITIES DMCC (Unique ID: RUS1980) and Niels Oscar TROOST (Unique ID: RUS2086), designated under the Russia (Sanctions) (EU Exit) Regulations 2019, have been amended. Both designations remain subject to an asset freeze, director disqualification, transport sanctions and trust services sanctions, with RUS2086 also remaining subject to a travel ban. The notice reminds firms to check for any accounts or relationships with the named designated persons or any other designated parties, freeze relevant funds and economic resources with immediate effect where not already frozen, and report findings to the States of Guernsey Policy & Resources Committee in line with reporting obligations under the Sanctions (Bailiwick of Guernsey) Law, 2018. Firms must also refrain from making funds or economic resources available to designated persons or entities they own or control unless within a permitted derogation or under a licence issued by the Policy & Resources Committee, and must notify the Commission and submit a Handbook Rule 12.37 report (including, at a minimum, the relevant customer or transaction details and the nature and value of the relationship) as soon as reasonably practicable after making the statutory report to the Policy & Resources Committee.