The Guernsey Financial Services Commission published a Russia sanctions notice advising firms that 10 individuals and entities have been designated under the United Kingdom’s Russia (Sanctions) (EU Exit) Regulations 2019, which are implemented in the Bailiwick of Guernsey through local Brexit regulations made under the Sanctions (Bailiwick of Guernsey) Law, 2018. Businesses must check for any accounts or other relationships with designated persons and ensure relevant funds, assets and economic resources are frozen with immediate effect where this is not already the case, and report any findings to the States of Guernsey Policy & Resources Committee. The designated parties are Olech Tkacz, Vladimir Grigoryevich Pristoupa, Yuriy Anatolyevich Karasev, Igor Yurievich Karasev, the Main Directorate of Deep-Sea Research of the Ministry of Defence of the Russian Federation, Metallurg LLC, JSC Atlas, Rosneft Marine (UK) Limited, Orion Star Group LLC and Valegro LLC-FZ, which also appear on the UK consolidated list. The notice specifies that the freeze applies to assets belonging to, owned, held or controlled (directly or indirectly, wholly or jointly) by designated persons, including interest, dividends and other property derived from such assets, and to assets of persons acting on their behalf or at their direction; firms must also refrain from making funds or economic resources available to designated persons or to entities they own or control, except where a permitted derogation applies or a licence has been issued by the Policy & Resources Committee. Where an affected relationship is identified, firms must also report to the Commission under Handbook Rule 12.37, providing at least the relevant customer or transaction details and the nature and value of the relationship or occasional transaction, as soon as reasonably practicable after completing the statutory reporting to the Policy & Resources Committee.
Guernsey Financial Services Commission 2025-06-17
Guernsey Financial Services Commission issues Russia sanctions notice covering 10 new UK designations and immediate asset-freeze reporting steps
The Guernsey Financial Services Commission issued a Russia sanctions notice designating 10 individuals and entities under the UK's Russia (Sanctions) (EU Exit) Regulations 2019, applicable in Guernsey. Firms must freeze relevant assets and report any findings to the States of Guernsey Policy & Resources Committee. Affected firms are also required to report to the Commission under Handbook Rule 12.37 with customer or transaction details.