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Financial Sanctions: Russia General Licence

Thursday, 30 September 2021

General licence - IOM/2021/RUS001

The Treasury has the power to issue General Licences for financial and trade sanctions regimes under a number of Regulations.

On 30 September 2021, the Treasury issued General Licence IOM/2021/RUS001 under regulation 64 of the Russia Sanctions (EU Exit) Regulations 2019, as they apply to the Isle of Man by the Russia Sanctions (Application) Regulations 2020 [SD 2020/0504] (“the Regulations”).

Any persons intending to use General Licence IOM/2021/RUS001 should consult the copy of the Licence for full details of the permissions and usage requirements.

Under General Licence IOM/2021/RUS001 -

  • a Person may make payment(s) out of non-frozen funds to the Crimean Sea Ports for services provided at the ports of Kerch Fishery Port, Yalta Commercial Port and Evpatoria Commercial Port, and for services provided by Gosgidrografiya and by Port-Terminal branches of the Crimean Sea Ports;
  • a Person may be reimbursed out of non-frozen funds for payments it makes in accordance with the above;
  • relevant institutions may process payments made in accordance with the above.

The permissions in General Licence IOM/2021/RUS001 do not authorise any act which the person carrying out the act knows, or has reasonable grounds for suspecting, will result in funds or economic resources being made available in breach of the  Regulations, save as permitted under licences granted under the Regulations.

General Licence IOM/2021/RUS001 takes effect from 30 September 2021 and may be varied, revoked, or suspended by the Treasury at any time.

Reporting requirement

Any activity conducted under General Licence IOM/2021/RUS001 must be reported to the Treasury within 14 days, with details and supporting evidence.

Record-keeping requirements

Persons must keep accurate, complete and readable records, on paper or electronically, of any activity purporting to have been permitted under this licence for a minimum of 6 years.

Further details of the sanctions regime related to Russia may be found on the Customs and Excise pages of the Isle of Man Government website.

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