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Financial Sanctions: Belarus

Thursday, 11 November 2021

Amendments to the Republic of Belarus Sanctions regime, as it has effect in the Isle of Man, come into operation today (11 November 2021) imposing new sanctions on Belarus, which are in line with those announced by the UK Government on 9 August 2021.

New prohibitions and restrictions have been introduced, which include:

  • restrictions imposed in relation to financial services including:
    • dealing with certain financial instruments
    • providing loans and credit
    • 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 Belarus sanctions guidance 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 Island or from landing in the Isle of Man, requiring aircraft to leave the airspace over the Island.

These new provisions have effect by the Republic of Belarus (Sanctions) (EU Exit) (Isle of Man) Order 2021, which came into force today.  That Order extends the Republic of Belarus (Sanctions) (EU Exit) Regulations 2019 (as amended) to the Isle of Man.

Financial institutions and other regulated persons are required 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, not deal with those 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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