Guernsey Financial Services Commission corrects Russia sanctions listing details for ship LUNAR TIDE and reiterates firms’ reporting obligations

The Guernsey Financial Services Commission published a Russia sanctions notice confirming that the specification for the ship LUNAR TIDE (Unique ID: RUS2841) has been corrected to include updated or additional information and that the vessel remains subject to UK shipping sanctions. The notice points to the UK sanctions list and notes that the UK Russia (Sanctions) (EU Exit) Regulations 2019 apply in the Bailiwick through the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020 made under the Sanctions (Bailiwick of Guernsey) Law, 2018. All businesses are expected to check for any business relationships linked to the vessel, familiarise themselves with the applicable obligations, and report any findings immediately to the States of Guernsey Policy & Resources Committee, including complying with the section 14 reporting obligations under the Sanctions Law. Where an affected relationship is identified, firms should also inform the Commission and provide a report under Handbook Rule 12.37, as soon as reasonably practicable after statutory reporting to the Policy & Resources Committee, setting out at least the relevant customer, beneficial owner or key principal (or the linked transaction and/or asset) and the nature and value of the business relationship or occasional transaction.