The Guernsey Financial Services Commission issued a Russia sanctions notice alerting businesses that two ships have been specified under the United Kingdom’s Russia (Sanctions) (EU Exit) Regulations 2019, as given effect in the Bailiwick through Guernsey’s domestic implementation framework. Firms are expected to check whether they have any business relationships linked to the vessels and to comply with applicable reporting and other sanctions obligations where a connection is identified. The specified vessels are BAVLY (Unique ID RUS3048, IMO 9621560) and KARAKUZ (Unique ID RUS3049, IMO 9621558). Any findings must be reported immediately to the States of Guernsey Policy & Resources Committee and firms must ensure they have taken any other steps required to meet section 14 reporting obligations under the Sanctions (Bailiwick of Guernsey) Law, 2018. Where an affected relationship is identified, firms must also inform the Commission and provide a Handbook Rule 12.37 report setting out, at minimum, the relevant customer, beneficial owner, key principal or linked transaction or asset and the nature of the business relationship or occasional transaction, including the transaction or asset value, as soon as reasonably practicable after meeting the statutory reporting requirements to the Policy & Resources Committee.
Guernsey Financial Services Commission 2025-09-19
Guernsey Financial Services Commission publishes Russia sanctions notice on ships BAVLY and KARAKUZ and reiterates reporting obligations
The Guernsey Financial Services Commission issued a Russia sanctions notice identifying two ships under the UK's Russia (Sanctions) (EU Exit) Regulations 2019, implemented in Guernsey. Firms must verify business links to the vessels BAVLY and KARAKUZ and comply with reporting and sanctions obligations. Findings should be reported to the States of Guernsey Policy & Resources Committee and the Commission, including a detailed Handbook Rule 12.37 report.