The Guernsey Financial Services Commission published a Russia sanctions notice advising that the identifying details of three persons and entities designated under The Russia (Sanctions) (EU Exit) Regulations 2019 have been amended, while the designations and sanctions measures continue to apply. The amended entries relate to MCR Global Elektronik Sanayi ve Ticaret Ltd Sirketi, Poly Technologies, Inc and Tigran Organesovich Khudaverdyan, which remain on the UK consolidated list and are given effect in the Bailiwick of Guernsey under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020 and the Sanctions (Bailiwick of Guernsey) Law, 2018. Businesses must check for any relationships with designated persons or entities, treat relevant funds, assets and economic resources as frozen with immediate effect, and report findings to the States of Guernsey Policy & Resources Committee in line with section 14 reporting obligations, while refraining from making funds or economic resources available to designated persons (and related owned or controlled entities or persons acting on their behalf) except where a permitted derogation applies or a licence has been issued; firms must also notify the Commission of affected relationships and provide a Handbook Rule 12.37 report as soon as reasonably practicable after making the statutory report.
Guernsey Financial Services Commission 2025-03-19
Guernsey Financial Services Commission issues Russia sanctions notice reflecting amended details for three designated persons and entities
The Guernsey Financial Services Commission issued a Russia sanctions notice amending details for three designated persons and entities under The Russia (Sanctions) (EU Exit) Regulations 2019. These entities remain on the UK consolidated list and are enforced in Guernsey under local sanctions laws. Businesses must freeze relevant assets, report to the States of Guernsey Policy & Resources Committee, and notify the Commission of affected ties.