This news release is issued to publicise the amendment of 1 entry to the Russian sanctions regime.
The Russia (Sanctions) (EU Exit) Regulations 2019 (S.I. 2019/855) were made under the Sanctions and Anti-Money Laundering Act 2018 (the Sanctions Act) and provide for the freezing of funds and economic resources of certain persons, entities or bodies involved in destabilising Ukraine or undermining or threatening the territorial integrity, sovereignty or independence of Ukraine, or obtaining a benefit from or supporting the Government of Russia. The Russia (Sanctions) (EU Exit) Regulations 2019 have effect in the Isle of Man by the Russia Sanctions (Application) Regulations 2020 [S.D. 2020/0504].
On 17 August 2023 the Foreign, Commonwealth and Development Office updated the UK Sanctions List. This list provides details of those designated under sanctions legislation.
Amendment
Deleted information appears in [square brackets]. Additional information appears in italics.
The following entry has been amended and is still subject to an asset freeze and trust services sanctions:
- MAKAROV, Igor Viktorovich
Name (non-Latin script): МАКАРОВ Игорь Викторович
DOB: 05/04/1962. POB: Turkmenistan Other Information: (UK Sanctions List Ref):RUS1642. Financial sanctions imposed in addition to an asset freeze: Trust services. Date trust services sanctions imposed: 21/03/2023. Transport sanction: where transport sanctions apply, a ship owned, controlled, chartered or operated by a designated person is prohibited from entering a port in the UK, may be given a movement or a port entry direction, can be detained, and will be refused permission to register on the UK Ship Register or have its existing registration terminated. Similarly, an aircraft owned, chartered or operated by a designated person is prohibited from overflying or landing in the UK, may be given a movement direction, can be detained or moved to a specified airport, and will be refused permission to register on the CAA Aircraft Register or have its existing registration terminated. (UK Statement of Reasons):[Igor Viktorovich MAKAROV (hereafter MAKAROV) is an involved person under the Russia (Sanctions) (EU Exit) Regulations 2019 on the basis of the following grounds: (1) MAKAROV has been involved in supporting the Government of Russia by working as a director or equivalent through his role as President of ARETI International Group, an entity which has operated in the Russian energy sector - a sector of strategic significance to the Government of Russia (2) MAKAROV has been involved in supporting the Government of Russia by owning or controlling directly or indirectly ARETI International Group, an entity which has operated in the Russian energy sector - a sector of strategic significance to the Government of Russia (3) MAKAROV has been involved in supporting the Government of Russia by working as a director (whether executive or non-executive) or equivalent of the New Stream Group, an entity operating in the Russian energy sector – a sector of strategic significance to the Government of Russia.] Igor Viktorovich MAKAROV (hereinafter MAKAROV) is an involved person under the Russia (Sanctions) (EU Exit) Regulations 2019 on the basis of the following grounds: (1) MAKAROV is and/or has been involved in obtaining a benefit from or supporting the Government of Russia by working as a director or equivalent of an entity, Reywood Holdings Limited (formerly ARETI International Group), which is or has been carrying on business in a sector of strategic significance to the Government of Russia, namely the Russian energy sector; (2) MAKAROV is and/or has been involved in obtaining a benefit from or supporting the Government of Russia by owning or controlling an entity, Reywood Holdings Limited (formerly ARETI International Group), which is and/or has been carrying on business in a sector of strategic significance to the Government of Russia, namely the Russian energy sector; (3) MAKAROV has been involved in obtaining a benefit from or supporting the Government of Russia by working as a director (whether executive or non-executive) or equivalent of an entity, JSC New Stream, which has been carrying on business in a sector of strategic significance to the Government of Russia, namely the Russian energy sector; (4) MAKAROV has been involved in obtaining a benefit from or supporting the Government of Russia by holding the right, directly or indirectly, to nominate at least one director (whether executive or non-executive) of an entity, Vikay Industrial Limited, which has been carrying on business in a sector of strategic significance to the Government of Russia, namely the Russian energy sector; (5) MAKAROV has been involved in obtaining a benefit from or supporting the Government of Russia by owning or controlling an entity, Selaco Limited (formerly Tradeluxo Limited), which is and/or has been carrying on business in a sector of strategic significance to the Government of Russia, the Russian energy sector. (Gender):Male Listed on: 26/09/2022 UK Sanctions List Date Designated: 26/09/2022 Last Updated: [21/03/2023] 17/08/2023 Group ID: 15586.
What you must do
Financial institutions and other persons are required to check whether you maintain any accounts or otherwise hold funds or economic resources for, or provide financial services to, designated individuals. If so, you must freeze such accounts or other funds and, unless licensed by the Treasury, not deal with those funds or economic resources, make those funds or economic resources available to a designated person, or make those funds or economic resources available for the benefit of a designated person. You must also report your findings to the FIU.
Failure to comply with financial and trade sanctions legislation or to attempting to circumvent its provisions is a criminal offence.
Where a relevant institution has already reported details of accounts, other funds or economic resources held frozen for the designated person, you are not required to report these details again.
Further information
Consequently the Foreign, Commonwealth and Development Office updated the Consolidated List. This list provides details of those designated under sanctions legislation.
Further details of the sanctions regime related to Russia and links to other financial sanctions regimes may be found on the Customs and Excise pages of the Isle of Man Government website.
