Sanctions Notice - Belarus5th July 2022
Please be advised that the Republic of Belarus (Sanctions) (EU Exit) Regulations 2019 (the UK regulations) have been amended by the Republic of Belarus (Sanctions) (EU Exit) (Amendment) Regulations 2022 (the Amending regulations).
The UK regulations are given effect within the Bailiwick under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020 that have been made under the Sanctions (Bailiwick of Guernsey) Law, 2018 (the Sanctions Law). The changes made to the UK regulations by the Amending regulations are automatically effective within the Bailiwick.
The Amending regulations are available here: The Republic of Belarus (Sanctions) (EU Exit) (Amendment) Regulations 2022 (legislation.gov.uk)
The Amending regulations impose new financial sanctions. They extend existing restrictions on dealing with financial instruments and providing loans to a broader range of transferable securities, money market instruments, loans and credit. They also introduce a new prohibition on providing financial services for the purpose of foreign exchange reserve and asset management of the Central Bank of Belarus and the Ministry of Finance of Belarus and related persons.
In addition, the Amending regulations impose new trade sanctions. These include extending restrictions in relation to dual-use goods and technology, new export restrictions on goods and technology relating to critical industry, quantum computing and oil refining, and luxury goods, new import restrictions on mineral products, arms and related materiel, iron and steel., and prohibitions on a range of related trade activities, including technical assistance and financial services.
The Amending regulations also add new aircraft and shipping sanctions.
MEASURES WHICH SHOULD BE TAKEN
All businesses must familiarise themselves with the new restrictions in the Amending regulations and check whether they maintain any accounts or otherwise have any kind of relationship that might be affected. If so, they must ensure that all necessary measures are in place to prevent them from breaching those restrictions or any other aspects of the UK regulations.
Businesses must report any findings to the Policy & Resources Committee immediately. This information is required by the Policy & Resources Committee in the exercise of its powers under section 15 of the Sanctions Law.
Any information or queries should be sent to [email protected] with the subject line “Belarus Sanctions”.
Where you have identified a connection to a designated person as set out above, please also inform the Guernsey Financial Services Commission via email to [email protected] providing short form information on the nature of the sanction connection and the measures you have taken.
Further information on the effect of asset freezes and related issues including licences is available on the States of Guernsey website at http://www.gov.gg/sanctions