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Less than £5m frozen within Guernsey banks in line with Russia sanctions regime

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Friday 13 May 2022

As at close of business on 12 May 2022, the assets held within Bailiwick bank accounts on behalf of a sanctioned person that have been frozen as part of the response to Russia's invasion of Ukraine amount to less than £5 million.

Since introducing these sanctions, the Policy & Resources Committee has received and continues to receive a wide range of responses from the private sector, covering a range of issues with some relating to assets within the Bailiwick and others being general queries where the sanctions regime was not ultimately engaged.

The notifications received show a desire from the private sector in the Bailiwick to do the right thing and to not only comply with the regime, but to go beyond, seeking to avoid the risk of exposure to any sanctions issue.  The Policy & Resources Committee thanks the business community for their ongoing support and cooperation in this coordinated response to the Russian Federation's war in Ukraine.  The sanctions regime imposed by Guernsey mirrors that of the UK and will continue to do so.  Regulated companies are informed directly when new sanctions are imposed.  More information can be found at Bailiwick response to the war in Ukraine - States of Guernsey (gov.gg).

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