Russia Sanctions: Individual Revoked from UK Regime
Summary
The Guernsey Financial Services Commission (GFSC) has announced the revocation of an individual, German BELOUS (Unique ID: RUS0846), from the UK Russia financial sanctions regime. This individual is no longer subject to UK sanctions, and affected financial institutions must report any prior sanction connections to the GFSC.
What changed
The Guernsey Financial Services Commission (GFSC) has issued a notice advising that German BELOUS (Unique ID: RUS0846) has been revoked from the UK Russia financial sanctions regime. This means the individual is no longer subject to UK sanctions, and any financial relationships previously identified as affected by this designation are now released. The GFSC directs entities to update their UK sanctions lists accordingly.
Financial institutions operating under the Bailiwick of Guernsey must report any identified sanction connections to the GFSC via email, providing details on the nature of the connection and the measures taken. This reporting is required under Handbook Rule 12.37 and must include customer names, beneficial owners, transaction details, and business relationship information. Affected entities are also directed to the States of Guernsey website for further information on asset freezes and licensing.
What to do next
- Review internal lists and systems to confirm the removal of German BELOUS from UK Russia sanctions.
- Report any previously identified sanction connections involving German BELOUS to the GFSC via email, including details on the nature of the connection and measures taken.
- Ensure compliance with Handbook Rule 12.37 reporting requirements regarding customer, transaction, and asset details linked to sanctioned persons.
Penalties
Failure to report as required by Handbook Rule 12.37 may result in penalties.
Source document (simplified)
News
Sanctions Notice - Russia
18th March 2026
- Sanctions
Please be advised that the following individual has been revoked from the UK Russia financial sanctions regime. This individual is no longer subject to UK sanctions.
- German BELOUS (Unique ID: RUS0846) The UK sanctions list has been updated and can be found here.
The UK 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 (the Sanctions Law).
Where you have identified an affected relationship as set out above, please also inform the Guernsey Financial Services Commission via email to [email protected] providing short form information on the nature of the sanction connection and the measures you have taken or intend to take.
Handbook Rule 12.37, requires that, where you have identified an affected relationship as set out above, the firm must provide a report to the Commission which sets out, as a minimum: a) the name of the customer, beneficial owner, key principal or the transaction and/or asset linked to a sanctioned/designated person; and b) the nature of the business relationship or occasional transaction, including the transaction and/or asset value.
This report should be provided to the Commission as soon as reasonably practicable after the firm has met the statutory reporting requirements to the States of Guernsey Policy and Resources Committee.
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.
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