New UK Sanctions for Russia: effective immediately

On 22 February 2022, the Government of Jersey issued a Sanctions Notice about new asset-freeze designations made in the UK Sanctions List under the Russia sanctions regime. The regime is effective immediately.
 
If tensions in the Ukrainian region increase, the package of restrictive measures is likely to grow with short notice and immediate effect.
 
We recognise that all relevant persons monitor our sanctions updates, as well updates from the Government of Jersey. However, in light of the volatile nature of the current situation, we request that all relevant persons prioritise their sanctions monitoring and assessments of sanctions risk.
 
Registered persons must have a clear understanding of their exposure to any individuals or organisations that could be affected by the imminent sanctions on Russia, including any related parties associated with any customers’ structures. They must also ensure a suitable risk assessment is carried out on this data, as well as on possible cyber-securities threats. We encourage registered persons to consider in their ongoing assessment of risk, the potential influence on payment service providers and dealing in Sterling (British Pounds) and US Dollars.
 
You should keep your supervisor informed of any potential sanctions breaches and if required, submit the asset-freeze application form and/or the suspected sanctions compliance reporting form in the usual way.

Further information about sanctions is available on our sanctions pages.