The Guernsey Financial Services Commission has notified businesses that the UK has amended the sanctions listing details for Rostec and Helico Group LLC. Both entities remain designated under the UK’s Russia sanctions regime, which is implemented in the Bailiwick of Guernsey. Businesses must check for accounts and other relationships connected to the entities, immediately freeze relevant funds and economic resources if not already frozen, and report findings to the Policy & Resources Committee. They must not make funds or economic resources available to designated persons, entities they own or control, or persons acting on their behalf, except under a permitted derogation or licence. Firms identifying an affected relationship must also report it to the Commission as soon as reasonably practicable after meeting their statutory reporting obligations, including the relevant party’s name, the nature of the relationship or transaction, and the transaction or asset value.
Guernsey Financial Services Commission flags amended UK Russia sanctions details for Rostec and Helico Group
The Guernsey Financial Services Commission has flagged amended UK sanctions listing details for Rostec and Helico Group LLC, which remain designated. Businesses must check for affected relationships, freeze relevant assets and make the required reports to the Policy & Resources Committee and the Commission.