Industry update

386 new Russian sanctions designations have immediate effect

The UK have announced a further 386 designations to the Russian financial sanctions regime today. These designations have immediate effect in Jersey.

New process

To date we have been replicating the UK designations on our webpages. Due to the increasing volume of designations and their immediate effect in Jersey, we will now be flagging their source to Industry as soon as we become aware via our website and shared on our social media channels.

Useful resource

The UK Sanctions List provides lists in downloadable formats which can be filtered by criteria, including date.

What you must do

  • Immediately check whether you maintain any accounts or hold any funds or economic resources for the new designations.
  • Freeze such accounts, and other funds or economic resources without notice and without delay.
  • Refrain from dealing with the funds or assets or making them available (directly or indirectly) to such persons unless licensed by the Minister for External Relations and Financial Services (MERFS).
  • Report any findings to MERFS, together with any additional information that would facilitate compliance with Sanctions and Asset-Freezing (Jersey) Law 2019 (SAFL).
  • Provide any information concerning the frozen assets of designated persons that MERFS may request. Information reported to MERFS may be passed on to other regulatory authorities or law enforcement.

Other action to take

  • We should be informed without delay.
  • If there is a suspicion of criminality, the States of Jersey Police must also be informed.

Points to note

  • UK designations have immediate effect in Jersey.
  • Some commercial screening providers do not update their tools immediately therefore businesses should proactively commence screening without delay if they are not sure.
  • It is highly likely that further designations will be made by the UK in the coming days, including designations already in force in the EU, US, Canada and Australia.
  • When businesses have satisfied themselves that they have checked against all current designations they are encouraged to proactively screen against the likely upcoming designations in order to prepare for the probable developments during the coming days.
  • We will continue to provide updates on new designations, but intend to do this by reference to the UK list rather than replicating that list on our webpages.