The Treasury has the power to issue General Licences for financial and trade sanctions regimes under a number of Regulations.
On 11 May 2022, the Treasury issued General Licence IOM/2022/RUS019 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/2022/RUS019 should consult the copy of the Licence for full details of the permissions and usage requirements which can be found attached to this release.
General Licence IOM/2022/RUS019 which allows for the continuation of business operations of the North American Subsidiaries specified below. The licence will expire on 2 September 2022.
For the purposes of General Licence IOM/2022/RUS019 the North American Subsidiaries are the following subsidiaries of Evraz plc:
- Evraz North America plc
- Evraz Inc. NA and
- Evraz Inc. NA – Canada
A Person is an individual, a body of persons corporate or unincorporate, any organisation or any association or combination of persons; and a Relevant Institution is:
- a person who is licensed under the Financial Services Act 2008 (of Tynwald) to carry on a regulated activity within the meaning of section 3 of that Act
- a person who is authorised or registered under the Insurance Act 2008 (of Tynwald) or holds a permit under that Act
- a person who is registered under the Moneylenders Act 1991 (of Tynwald) to carry on the business of lending money
- a person who is acting as a trustee or an administrator of a retirement benefits scheme within the meaning of the Retirement Benefits Schemes Act 2008 (of Tynwald)
Under General Licence IOM/2022/RUS019 a Person may continue business operations involving the North American Subsidiaries including, but not limited to: payments to or from the North American Subsidiaries under any obligations or contracts; payments to or from any third party under any obligations or contracts; and receipt of payments made by the North American Subsidiaries for audit services. Evraz North America plc is also permitted to pay for the audit services referred to in the previous sentence.
The permissions in General Licence IOM/2022/RUS019 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 Russia Regulations, save as permitted under licences granted under The Russia Regulations.
The General Licence takes effect from the date of issue and expires on 2 September 2022.
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.