Friday 01 August 2014
The States of Guernsey has today adopted sanction measures in view of Russia's actions destabilising the situation in Ukraine. All businesses are requested to check their records to ensure they comply.
The European Council agreed to introduce:
- A prohibition on exports of dual use goods and technology for military use in Russia or to Russian military end-users
- A prohibition on the provision technical or financial assistance for certain goods and technology on the Common Military List of the European Union
- Prior authorisation will be required for the sale, supply, transfer or export of certain energy-related equipment and technologies
- A prohibition on companies buying or selling bonds, equity, or similar financial instruments with a maturity exceeding 90 days issued after 1 August 2014, by: major state-owned Russian banks (listed in the Annex), development banks, their subsidiaries and those acting on their behalf
Member States also agreed to introduce an arms embargo.
The EU implemented these measures through Council Regulation (EU) No 833/2014 and Council Decision 2014/512/CFSP on 31 July with entry into force today.
Guernsey has implemented the provisions of these restrictive measures through the (Russian Federation) (Guernsey) Ordinance, 2014 in order to ensure the Island's sanction regime is in line with international developments.
Businesses must:
- Check whether they have any business relationships, maintain any accounts or otherwise hold any funds or economic resources that relate to the activities prohibited by the EU Regulation
- Report any findings to the Policy Council
- Refrain from taking on or continuing any business which directly or indirectly supports the activities prohibited by the EU Regulation
Any queries should be sent to sanctions@gov.gg subject line 'Russian sanctions'.
