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SANCTIONS NOTICE - TURKEY

Turkey (Restrictive Measures) (Bailiwick of Guernsey) Regulations, 2020

In response to concern about drilling activity by Turkey in the Eastern Mediterranean, the EU published Council Regulation (EU) 2019/1890. This imposes financial restrictions targeted at listed persons responsible for or involved in activities in relation to hydrocarbon exploration and production, or hydrocarbon extraction resulting from such activities, or providing financial, technical or material support for such activities, which have not been authorised by the Republic of Cyprus, within its territorial sea or in its exclusive economic zone or on its continental shelf, as well as of persons associated with them. No persons are currently listed.

 

In order to reflect the changes at EU level, the Turkey (Restrictive Measures) (Bailiwick of Guernsey) Regulations, 2020 have been enacted to give effect to the EU Regulation.

 

These can be found here:

http://www.guernseylegalresources.gg/CHttpHandler.ashx?id=124123&p=0

 

The EU regulation is available here:

EU Regulation (EU) 2019/1890

 

MEASURES WHICH SHOULD BE TAKEN

 

All businesses should be aware that any designations made under the EU Regulation will automatically be effective under the Regulations. In those circumstances businesses must check whether they maintain any accounts or otherwise have any kind of direct or indirect relationship with any natural or legal persons, entities or bodies designated under the legislation, and must treat any funds or economic resources

  • directly or indirectly belonging to, owned, held or controlled by them, whether wholly or jointly, or

  • derived from any funds or economic resources directly or indirectly belonging to, owned, held or controlled by them, whether 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 and Resources Committee immediately.

 

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 and have been authorised by the Policy and Resources Committee.

 

The information referred to above is required by the Policy and Resources Committee in the exercise of its powers under section 15 of the Sanctions (Bailiwick of Guernsey) Law, 2018.

Any information or queries should be sent to sanctions@gov.gg with the subject line "Turkey".

Further information on the effect of asset freezes and related issues including licences is available on the States of Guernsey website at https://ssltest.gov.gg/sanctions