Sanctions Notice - Russia20th July 2022
Please be advised that UK has enacted the Russia (Sanctions) (EU Exit) (Amendment) (No. 12) Regulations 2022 (the No.12 regulations).
The No.12 regulations amend the Russia (Sanctions) (EU Exit) Regulations 2019 (the UK regulations), which 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 effect of the No.12 regulations is to introduce new financial restrictions regarding investments (and services directly related to those investments) in respect of land located in Russia, persons connected with Russia, relevant entities, joint ventures, opening a representative office or establishing a branch or subsidiary located in Russia. The No.12 regulations also contain exceptions and licensing powers in relation to these new restrictions.
The amendments made to the Russia regulations by the No.12 regulations are automatically effective in the Bailiwick.
The UK has updated its Russia guidance to include the new restrictions. This guidance is not binding in the Bailiwick but may be taken into account by the Bailiwick authorities.
MEASURES WHICH SHOULD BE TAKEN
All businesses must familiarise themselves with the new restrictions, check whether they have any kind of relationship that might be affected by the new restrictions or any other restrictions under the Russia regulations and ensure that they have the necessary measures in place to prevent a breach of any of these restrictions.
Businesses must report any findings to the Policy & Resources Committee immediately. They must also ensure that they have taken all other steps that may be required in order to comply with the reporting obligations at section 14 of the Sanctions Law.
The information referred to above 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 “Russia Sanctions”.
Further information is available on the States of Guernsey website at http://www.gov.gg/sanctions.