The EU has issued Council Regulation (EU) No. 588/2011, which added further individuals and entities to Annex 1A to Council Regulation (EC) No. 765/2006 and amended the 2006 regulation to impose an arms embargo. The changes take effect in Guernsey under the Belarus (Freezing of Funds) (Guernsey) (Amendment) Ordinance, 2011 and the Belarus (Freezing of Funds) (Guernsey) Ordinance, 2006.
Financial services businesses and prescribed businesses need to monitor developments in EU sanctions legislation and its implications for Bailiwick businesses closely. Links to both of the EU/EC Council Regulations and the Guernsey Ordinances are available here.