Sanctions Notice - Russia

Please be advised that the UK has now 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 and the amendments are automatically effective in the Bailiwick.

The amendments to the UK Russia regime introduce new aviation and trade restrictions, including a prohibition on the provision of related insurance and reinsurance services.

Further details of the new 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 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 in relation to financial sanctions or by the Committee for Home Affairs in relation to trade or transport sanctions, as the case may be.

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