Guernsey's Policy & Resources Committee updates Russia sanctions figures and reports GBP 12.7bn of assets frozen overseas

Guernsey's Policy & Resources Committee has published an update on the Bailiwick’s implementation of UK sanctions on Russia, noting that UK designations have automatic and immediate effect locally, and has released updated estimates of assets frozen under the Russia regime. Based on information collected from industry, it reports GBP 4.7 million of bank deposits frozen in the Bailiwick, around GBP 67 million of other assets frozen in the Bailiwick, and around GBP 12.7 billion of assets frozen in other jurisdictions but owned or controlled from the Bailiwick. The committee reiterated that the sanctions framework is principally financial, with designations freezing assets across funds, investments and physical assets, and that restrictions can also apply to certain investments even where they are not owned or controlled by a designated person. It noted that most sanctions notifications received since 2022 relate to assets linked to the fiduciary sector but located outside the Bailiwick, and explained that it has historically reported only bank-account figures due to the risk of double-counting across jurisdictions. The update also references MONEYVAL’s findings that Guernsey’s sanctions implementation has been timely and that the Guernsey Financial Services Commission’s supervision on sanctions was commended. The committee stated that little has changed since the end of 2023 and that matters raised under the Russia sanctions regime have decreased since the survey, while the international sanctions position continues to evolve; it will continue monitoring the position with other Bailiwick authorities.