The Guernsey Financial Services Commission published a Russia sanctions notice advising that 24 named persons and entities have been designated under the United Kingdom’s Russia (Sanctions) (EU Exit) Regulations 2019, which are given effect in the Bailiwick of Guernsey under the local sanctions implementation framework. The notice instructs businesses to check for any accounts or other relationships with the listed designees or any other designated persons and to treat relevant funds, assets and economic resources as frozen with immediate effect if not already frozen. Firms must freeze funds and economic resources directly or indirectly belonging to, owned, held or controlled by designated persons, including derived interests such as dividends, and assets linked to persons acting on their behalf or at their direction. Any findings must be reported immediately to the States of Guernsey Policy & Resources Committee, alongside steps to comply with reporting obligations under section 14 of the Sanctions (Bailiwick of Guernsey) Law 2018; the notice also reiterates prohibitions on making funds or economic resources available to designated persons or entities owned or controlled by them, except where covered by a permitted derogation or a licence issued by the Policy & Resources Committee. Where an affected relationship is identified, firms are also asked to notify the Commission and, under Handbook Rule 12.37, provide a report to the Commission as soon as reasonably practicable after statutory reporting, including the relevant customer or transaction details and the nature and value of the relationship or transaction.

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