This sanctions notice is issued to advise industry about the effect of recent changes to the UK’s financial sanctions regime regarding Russia.
The UK changes amend the Russia (Sanctions) (EU Exit) Regulations 2019 (the UK regulations). Their effect is to widen the criteria for designation under the UK regulations so that the criteria now include persons who have been involved in obtaining a benefit from, or supporting, the Russian government. However, no designations under the new criteria have yet been made.
The UK regulations are given effect within the Bailiwick under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020 (the Bailiwick regulations). The amendments to the UK regulations are automatically effective under the Bailiwick regulations, and the same will apply to any designations that may be made under the new criteria.
Any such designations will be the subject of a sanctions notice to industry in the same way as other new designations.
Further information on the implementation of sanctions measures is available on the States of Guernsey website at http://www.gov.gg/sanctions
This news item was originally published by the Guernsey Financial Services Commission (GFSC GG). For more information, see the Source Link.