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Financial Sanctions: Belarus

Wednesday, 21 July 2021

This news release is issued in respect of the restrictive measures directed against Belarus.

The Republic of Belarus (Sanctions) (EU Exit) Regulations 2019 (S.I. 2019/600) 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 the unresolved disappearances of four individuals in 1999 and 2000. The Republic of Belarus (Sanctions) (EU Exit) Regulations 2019 have effect in the Island by means of the Republic of Belarus Sanctions (Application) Regulations 2020 [SD 2020/0479].

On 21 July 2021, the Foreign, Commonwealth and Development Office updated the UK Sanctions List. The list provdes details of those designated under the Sanctions Act.

The following entry has been added and is now subject to an asset freeze


Full details can be found in the attached Annex to this news release.

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 entity. 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

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

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