New Russia regime regulations in force 11 February 2022

On 10 February 2022, the UK published The Russia (Sanctions) (EU Exit) (Amendment) Regulations 2022.

The regulations amend the designation criteria of The Russia (Sanctions) (EU Exit) Regulations 2019 (the “UK Regulations”). Designation criteria have been significantly expanded and now includes those who have been involved in obtaining a benefit from or supporting the Government of Russia. These changes provide for a much wider scope of persons and entities that may be targeted for an asset-freeze designation.

The Sanctions and Asset-Freezing (Implementation of External Sanctions) (Jersey) Order 2021 made under the Sanctions and Asset-Freezing (Jersey) Law 2019 links to the UK Regulations. No legislative change is required in Jersey to give effect to these amendments.

There are no new designations at this time.

However, new asset-freeze designations may be made at any time and will be effective immediately in Jersey.

Guidance on sanctions can be found on both the Government of Jersey website and Jersey Financial Services Commission (JFSC) website. The JFSC also publishes regime specific guidance, including for the Russia financial sanctions regime.

If you have any questions about this notification, please contact sanctions@gov.je