Financial Sanctions Notice Russia 17 March 2023

Introduction 

1. The Russia (Sanctions) (EU Exit) Regulations 2019 (the "UK Regulations") were made under the Sanctions and Anti-Money Laundering Act 2018 and provide for the freezing of funds and economic resources of certain persons, entities or bodies involved in destabilising Ukraine or undermining or threatening the territorial integrity, sovereignty or independence of Ukraine, or obtaining a benefit from or supporting the Government of Russia.

2. On 17 March 2023 the Foreign, Commonwealth and Development Office updated the UK Sanctions List to reflect changes to those persons designated under the UK Regulations. A link to the UK Sanctions List can be found below.

3. The Sanctions and Asset-Freezing (Implementation of External Sanctions) (Jersey) Order 2021 (the "Order"), made under the Sanctions and Asset-Freezing (Jersey) Law 2019 ("SAFL"), links to the UK Regulations.

4. Any changes to asset-freeze designations made under the UK Regulations are effective immediately by virtue of the ambulatory provisions in Jersey's sanctions legislation.

Notice summary (Full details are provided in the Annex to this Notice) 

5. The following duplicate entry has been removed from the consolidated list under the Russia regime following an update to the UK Sanctions List on 23 January 2023. The original entry remains subject to an asset freeze under the Belarus regime (UK Consolidated Group ID: 14044):  

• MINSK WHEEL TRACTOR PLANT (UK Consolidated Group ID: 15036)
  

6. The following entry has been removed from the consolidated list and is no longer subject to an asset freeze:

• Brian MCDONALD (UK Consolidated Group ID: 15335)
  

7. The following designation has been amended and remains subject to an asset freeze:

• Igor Viktorovich MAKAROV (UK Consolidated Group ID: 15586)
  

What you must do   

8. You must:  

• immediately check whether you maintain any accounts or hold any funds or economic resources for the persons set out in the Annex to this Notice.
• freeze such accounts, and other funds or economic resources without prior 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 ("MER").
• report any findings to MER, together with any additional information that would facilitate compliance with SAFL.
• provide any information concerning the frozen assets of designated persons that MER may request. Information reported to MER may be passed on to other regulatory authorities or law enforcement. 

9. Where a relevant institution has already reported details of accounts, other funds or economic resources held frozen for designated persons, they are not required to report these details again.

10. Failure to comply with sanctions legislation or to seek to circumvent its provisions is a criminal offence.

Further Information

11. Further information on sanctions can be found on the Government of Jersey website and the Jersey Financial Services Commission (JFSC) website.

12. Jersey guidance on the Russia sanctions regime is available on JFSC website.

13. Copies of Jersey sanctions legislation, including the Order and SAFL, can be found on the Jersey Legal Information Board website.

14. A copy of the UK Regulations can be obtained from legislation.gov.uk and other relevant information about this regime can be found on gov.uk.

15. The UK Sanctions List

16. The UK Office of Financial Sanctions Implementation Consolidated List

Enquiries 

17. Non-media enquiries, sanctions compliance reporting, and licence applications should be addressed to: 
Financial Sanctions Implementation Unit
sanctions@gov.je

 Annex to Notice

18. Annex to Financial Sanctions Notice Russia 17 March 2023