Guernsey has issued General Licence – GY/RUSSIA/2023/26 (notice) which permits investment funds in which a designated person or entity has an investment interest (including investment funds controlled by DPs) to:
- redeem, withdraw, segregate or otherwise deal with investment interests in the relevant investment fund (including the investment interest of a designated person or entity) for the purposes of protecting the investment interests of any persons or entities that are neither designated nor controlled by a designated person or entity;
- make payments (including from frozen funds) for reasonable fees or service charges in respect of any services that are reasonably required to protect such investment interests;
- make payments (including from frozen funds) for the investment fund’s basic needs, including payment of insurance premiums; audit and accounting fees; corporate and regulatory fees; corporate services and registered office fees; director fees; professional service provider fees; and any other reasonable routine expenses; and
- make payments (including from frozen funds) for reasonable fees or reasonable service charges arising from the routine holding and maintenance of any funds or economic resources that are frozen; make payment of reasonable professional fees for the provision of legal services to the relevant investment fund or of reasonable expenses associated with those legal services.
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