Sanctions Notice - Russia

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. 4) Regulations 2023 and the Russia (Sanctions) (EU Exit) (Amendment) (No. 5) Regulations 2023  (the Amending Regulations).

The effect of the Amending regulations is to change or widen existing prohibitions regarding the processing of payments and trade, and to introduce a new chapter in relation to diamonds and diamond jewellery.

In addition, the amendments expand on the criteria for licensing and introduce some new reporting obligations, including an obligation for financial services and others to report funds and economic resources they hold in certain circumstances.

The UK regulations, including the changes made by the Amending 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.  

MEASURES WHICH SHOULD BE TAKEN

All businesses must familiarise themselves with the changes in the Amending Regulations, in particular the new obligations that have been introduced, and should check whether they maintain any accounts or otherwise have any kind of business relationship that may be affected by the changes.

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