Sanctions Notice: Russia Regulations Corrected

Guernsey GFSC News

Published March 18th, 2026

Detected March 24th, 2026

Summary

The Guernsey Financial Services Commission (GFSC) has issued a sanctions notice correcting entries under the Russia (Sanctions) (EU Exit) Regulations 2019. Several entities and one individual remain subject to asset freezes and other sanctions, requiring businesses to check relationships and freeze assets immediately.

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What changed

The Guernsey Financial Services Commission (GFSC) has issued a notice correcting specific entries under the Russia (Sanctions) (EU Exit) Regulations 2019, as implemented in Guernsey. The notice identifies JSC BBR Bank, PUBLIC JOINT STOCK COMPANY "TRANSCAPITALBANK", JOINT-STOCK COMMERCIAL BANK FORA-BANK (JOINT-STOCK COMPANY), and Nikolay Dmitrievich PESKOV as entities and individuals who remain subject to asset freezes, trust services sanctions, director disqualification sanctions, and prohibitions on correspondent banking relationships. These designations will appear on the UK sanctions list.

All businesses operating within Guernsey must immediately review their accounts and relationships with the designated persons and entities. Any funds, assets, or economic resources belonging to, owned, held, or controlled by them, directly or indirectly, must be treated as frozen if not already so. Businesses are required to report any findings to the Policy & Resources Committee immediately and must also refrain from making any funds or economic resources available to these designated parties, except under permitted derogations or licenses. Compliance with reporting obligations under section 14 of the Sanctions Law is also mandated.

What to do next

Check all accounts and relationships with designated entities/individuals.
Immediately freeze any assets belonging to designated parties.
Report any findings to the Policy & Resources Committee.

Source document (simplified)

News

Sanctions Notice - Russia

18th March 2026
- Sanctions
Please be advised that the following entry has been corrected under the Russia (Sanctions) (EU Exit) Regulations 2019:

JSC BBR Bank (Unique ID: RUS3080)
PUBLIC JOINT STOCK COMPANY "TRANSCAPITALBANK" (Unique ID: RUS3459)
JOINT-STOCK COMMERCIAL BANK FORA-BANK (JOINT-STOCK COMPANY) (Unique ID: RUS3464)
The individuals/entities referred to above remain subject to an Asset freeze, Trust Services Sanctions, Director Disqualification Sanction, Prohibition on correspondent banking relationships and processing payments and will **** appear on the UK sanctions list, which can be found here.
Nikolay Dmitrievich PESKOV (Unique ID: RUS0862)
The individual referred to above remains subject to an Asset freeze, Travel Ban, Trust Services Sanctions, Director Disqualification Sanction and will **** appear on the UK sanctions list, which 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).

MEASURES WHICH SHOULD BE TAKEN

All businesses must check whether they maintain any accounts or otherwise have any kind of relationship with the person/entity referred to above or to any other natural or legal person, entity or body designated under the legislation referred to above and must treat any funds, other assets or economic resources

directly or indirectly belonging to, owned, held or controlled by them, whether wholly or jointly, or
that comprise interest, dividends or other forms of property derived from any funds or economic resources that belong to them or are owned, held or controlled by them, whether directly or indirectly and wholly or jointly, or
belonging to individuals or entities acting on their behalf or at their direction, whether wholly or jointly as frozen with immediate effect if this is not already the case. Businesses must report any findings to the Policy & Resources Committee immediately. They must also ensure that they have taken all other steps that may be required in order to comply with the reporting obligations at section 14 of the Sanctions Law.

Businesses must also refrain from making any funds or economic resources available directly or indirectly, wholly or jointly, to or for the benefit of

any designated person, entity or body
any entity directly or indirectly owned or controlled by a designated person, entity or body, whether wholly or jointly
any individuals or entities acting on behalf or at the direction of a designated person, entity or body, whether wholly or jointly other than in respect of transactions that come within a permitted derogation as determined by the Policy & Resources Committee, or in accordance with a licence issued by the Policy & Resources Committee, as the case may be.

The information referred to above is required by the Policy & Resources Committee in the exercise of its powers under section 15 of the Sanctions Law.

Any information or queries should be sent to [email protected] with the subject line “Russia Sanctions”.

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.