The Guernsey Financial Services Commission published a Russia sanctions notice advising that identifying details for 14 individuals and two entities designated under the United Kingdom’s Russia (Sanctions) (EU Exit) Regulations 2019 have been amended. The listed designees, including Rosneft Marine (UK) Limited and the Main Directorate of Deep-Sea Research of the Ministry of Defence of the Russian Federation, remain subject to an asset freeze and trust services sanctions as implemented in the Bailiwick of Guernsey. Businesses are expected to check whether they maintain any accounts or other relationships with the listed persons or any other designated persons and, where relevant, treat as frozen with immediate effect any funds, other assets or economic resources owned, held or controlled directly or indirectly, including jointly held assets and related returns such as interest and dividends, as well as assets held for persons acting on a designee’s behalf or at its direction. Any findings must be reported immediately to the States of Guernsey Policy & Resources Committee, and firms must refrain from making funds or economic resources available to designated persons, entities owned or controlled by them, or persons acting on their behalf, except where a permitted derogation applies or a licence has been issued. Where an affected relationship is identified, the Commission also expects a report under Handbook Rule 12.37, submitted as soon as reasonably practicable after statutory reporting to the Policy & Resources Committee, setting out at least the relevant customer or transaction details and the nature and value of the business relationship or occasional transaction.

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