The Guernsey Financial Services Commission has notified firms that 27 ships have been specified under the United Kingdom's Russia sanctions regime and that those measures apply in the Bailiwick through Guernsey's sanctions framework. Businesses must check whether they have any business relationships linked to the vessels and ensure they comply with the relevant sanctions and reporting obligations. Where a firm identifies an affected relationship, it must report its findings immediately to the Policy & Resources Committee and take any other steps required under section 14 of the Sanctions Law. Firms must also notify the Commission of the sanction connection and the measures taken or planned. Under Handbook Rule 12.37, the report to the Commission must include at least the customer, beneficial owner, key principal or transaction and or asset linked to a sanctioned or designated person, together with the nature and value of the business relationship or occasional transaction. The Commission said that its report should be submitted as soon as reasonably practicable after the firm has completed the statutory reporting required to the States of Guernsey Policy and Resources Committee.

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