Sanctions Notice - Russia

Please be advised that in light of recent events in Ukraine, the UK has made some further amendments to the Russia (Sanctions) (EU Exit) Regulations 2019 (the UK Russia regime). The UK Russia regime is implemented in the Bailiwick by the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020 (the Bailiwick regulations).

These latest amendments to the UK Russia regime restrict the provision of financial services for the purposes of foreign exchange reserve and asset management involving the Central Bank of the Russian Federation, the National Wealth Fund of the Russian Federation, the Ministry of Finance of the Russian Federation, or persons owned or controlled by these parties, or persons who are acting on their behalf or at their direction.

Under the Bailiwick regulations the new restrictions are automatically effective in the Bailiwick. This is subject to some regulations made by the Policy & Resources Committee (the amending regulations) to amend the Bailiwick regulations in order to widen the modifications applicable to UK sanctions for the purposes of their implementation in the Bailiwick. A copy of the amending regulations is provided with this notice.

Further details of the new financial sanctions measures and guidance about their application are available on the website of the UK's Office of Financial Sanctions Implementation, accessible via this link; Russia sanctions: guidance - GOV.UK (www.gov.uk)

MEASURES WHICH SHOULD BE TAKEN

All businesses must familiarise themselves with the new financial sanctions measures and related guidance provided by the UK. They must check whether they have any business relationships that may be relevant and report any findings must be reported to the Policy & Resources Committee immediately. Businesses 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.

Businesses should refrain from carrying out any activity that is prohibited by the UK Russia regime other than in accordance with a licence issued by 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”.

Further information on the effect of sanctions measures including licences is available on the States of Guernsey website at http://www.gov.gg/sanctions