The Guernsey Financial Services Commission notified businesses that one individual and 12 entities have been designated under the UK Russia sanctions regime, which is implemented in the Bailiwick of Guernsey. All are subject to an asset freeze, trust services sanctions and director disqualification. The individual is also subject to a travel ban, two entities face transport sanctions, and six designated banks are prohibited from correspondent banking relationships and payment processing. Businesses must immediately check for relationships with the designated parties and freeze relevant funds, assets and economic resources. They must not make funds or economic resources available to or for the benefit of designated persons, entities they own or control, or persons acting on their behalf, unless permitted by a derogation or licence. Findings must be reported immediately to the Policy & Resources Committee, while regulated firms must also report affected relationships to the Commission as soon as reasonably practicable after meeting their statutory reporting obligations.
Guernsey Financial Services Commission2026-08-06
Guernsey Financial Services Commission notifies firms of 13 new Russia sanctions designations
The Guernsey Financial Services Commission notified businesses of one individual and 12 entities newly designated under the UK Russia sanctions regime. Businesses must conduct checks, apply immediate asset freezes and restrictions, and report affected relationships to the Policy & Resources Committee and, where applicable, the Commission.