Guernsey Financial Services Commission corrects Russia sanctions details for OJSC Keremet Bank and reiterates asset freeze and banking restrictions

The Guernsey Financial Services Commission published a Russia sanctions notice correcting the designation details for OJSC Keremet Bank (Group ID: 16829), which is designated under The Russia (Sanctions) (EU Exit) Regulations 2019. The Commission confirmed the entity remains subject to an asset freeze, trust services sanctions, and a prohibition on correspondent banking and clearing, consistent with the UK consolidated list as implemented in the Bailiwick of Guernsey under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations 2020 made under the Sanctions (Bailiwick of Guernsey) Law 2018. The notice directs all businesses to check for any accounts or other relationships with the designated entity (and other designated persons) and to treat relevant funds, assets and economic resources as frozen with immediate effect where not already frozen. Any findings must be reported immediately to the States of Guernsey Policy & Resources Committee and businesses must meet related statutory reporting obligations under section 14 of the Sanctions Law, while also ensuring no funds or economic resources are made available to or for the benefit of designated persons or those they own or control except where a permitted derogation applies or a licence has been issued. Where an affected relationship is identified, firms are also expected to inform the Commission and, under Handbook Rule 12.37, provide a report (as soon as reasonably practicable after statutory reporting to the Policy & Resources Committee) including, at a minimum, the relevant customer or transaction details and the nature and value of the relationship or transaction.