Financial Sanctions: Belarus

Monday, 9 August 2021

The United Kingdom has today made amendments to the Republic of Belarus Sanctions regime imposing new sanctions on Belarus.

New prohibitions and restrictions have been introduced in the United Kingdom, which include —

  • restrictions imposed on dealing with certain financial instruments, providing loans and credit and providing insurance and reinsurance services
  • restrictions imposed in relation to trade in —
    • interception and monitoring goods and technology and services
    • dual-use goods and technology
    • goods for the tobacco industry
    • petroleum products and potash
    • restrictions imposed in relation to the provision of technical assistance relating to aircraft.

The guidance in the United Kingdom has been updated.

New powers are also introduced permitting the Secretary of State, air traffic control and airport operators to make directions for the purpose of preventing certain aircraft from entering the airspace over the United Kingdom or from landing in the United Kingdom, requiring aircraft to leave the airspace over the United Kingdom.

These new provisions do not have effect in the Isle of Man at this time; however, businesses should be aware of the amendments, as this may impact business conducted with UK businesses and trade in goods imported or exported via the United Kingdom.  Equivalent provisions will be made in the Isle of Man in due course with further details to follow.

In addition the UK Sanctions List has been updated, with the addition of one person who is now subject to an asset freeze:

  • Mikhail Safarbekovich GUTSERIEV (Group ID: 14131)

The following entries have been amended and are still subject to an asset freeze:

  • Natalia Nikolayevna EISMONT (Group ID: 13993)
  • Viktor Gennadevich KHRENIN (Group ID:14113)
  • Ivan Vladimirovich KUBRAKOV (Group ID: 13936)
  • Alexander Grigorievich LUKASHENKO (Group ID: 13918)
  • Viktor Aliaksandravich LUKASHENKO (Group ID: 13919)
  • Igor Petrovich SERGEENKO (Group ID: 13920)
  • Ivan Stanislavovich TERTEL (Group ID: 13985)

Full details can be found in the attached Annex.

Financial institutions and other persons are requested to check whether they maintain any accounts or otherwise hold funds or economic resources for, or provide financial services to, the designated individuals.  If so, they must freeze such accounts or other funds and, unless licensed by the Treasury, refrain from dealing with said funds or economic resources, and suspend the provision of any financial services.  They must also report their findings to the FIU. 

Failure to comply with financial sanctions legislation or to seek to circumvent its provisions is a criminal offence.

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

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