The assets of five Russian banks and three oligarchs have been frozen following an escalation of Ukraine developments.
The financial services order follows the UK and US warning of ‘the beginning of the Ukraine invasion by Russian troops’.
The UK has announced a series of sanctions against Russia after it ordered troops into two rebel-held regions of eastern Ukraine. The Crown Dependencies financial services follow the lead of the UK.
Sanctions are used as an enforcement tool to maintain and restore international peace and security: these sanctions are made by the United Nations Security Council (UNSC) and must be implemented by all UN members.
Although the Channel Islands are not a UN member in their own right, the UK’s membership of the UN extends to the islands. Therefore, in common with all UN members, the islands have an obligation to implement UNSC sanctions Resolutions.
This sanctions regime is aimed at encouraging Russia to cease actions destabilising Ukraine or undermining or threatening the territorial integrity, sovereignty or independence of Ukraine.
Boris Johnson said that Russia’s actions amounted to a “renewed invasion” and that the sanctions were a “first barrage”. He stressed these could be extended – but faced calls for tougher action now.
Russian President Vladimir Putin ordered troops into the regions of Donetsk and Luhansk on Monday, after recognising them as independent regions.
A spokesman for Guernsey’s Policy and Resources Committee said: “Following a recent widening of its Russian sanctions framework, the UK has today listed a range of individuals and entities, including banks, as now being covered by the framework. This framework includes asset freezes and the listings have automatic legal effect in the Bailiwick.
“The Policy & Resources Committee advised financial services businesses and other businesses subject to anti-money laundering requirements of the widening of the framework and has today also advised these businesses of the new listings. The Committee will continue to liaise closely with the UK on the application of further sanction measures as the situation develops.”
Main image courtesy of MyWanderLust