Sanctions Notice - Russia31st October 2022
Please be advised that the Russia (Sanctions) (EU Exit) Regulations 2019 (the UK regulations) have been amended by the Russia (Sanctions) (EU Exit) (Amendment) (No. 15) 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 amending regulations introduce a number of new trade restrictions that affect gold and gold products, liquified natural gas and Russia's vulnerable goods, including prohibitions on the provision of related funds and financial services. The amending regulations also introduce new prohibitions in relation to the provision of loans or credit to certain persons connected with Russia.
The amending regulations are automatically effective in the Bailiwick. They are available here: Russia (Sanctions) (EU Exit) (Amendment) (No. 15) Regulations 2022 (legislation.gov.uk)
MEASURES WHICH SHOULD BE TAKEN
All businesses must familiarise themselves with the legislation and check whether they maintain any accounts or otherwise have any kind of relationship that may engage the new prohibitions in the amending regulations or any other prohibitions in the UK regulations. Any findings should be reported to the Policy & Resources Committee.
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”.
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 the UK regulations including licences is available on the States of Guernsey website at http://www.gov.gg/sanctions