The Treasury advises that the Russia Sanctions (Application) (No.5) Regulations 2022 [SD 2022/0139] came into operation on 1 April 2022, which apply the provisions of the following United Kingdom statutory instrument relating to Russia financial and trade sanctions to the Island
- The Russia (Sanctions) (EU Exit) (Amendment) (No. 7) Regulations 2022
The Russia (Sanctions) (EU Exit) Regulations 2019 (of UK Parliament) (the “Russia Regulations”) were applied to the Island, and currently have effect in the Island, by the Russia Sanctions (Application) Regulations 2020 [SD 2020/0504]. The Russia Regulations were amended in the United Kingdom in response to Russian actions in Ukraine. The Isle of Man has adopted these measures to ensure that sanctions against Russia in the Island are aligned with the United Kingdom.
These Regulations prohibit maintenance on aircraft or ships belonging to sanctioned Russian oligarchs or their businesses. The measures also include:
- extension of the finance, trade and shipping sanctions imposed on Crimea to non-government controlled territory in Donetsk and Luhansk.
- introduction for members of a group to be collectively sanctioned persons.
- extends the existing shipping sanctions in respect of Crimea prohibiting British cruise ships from entering a port or ports located in the non-government controlled areas of the Donetsk and Luhansk oblasts.
Failure to comply with financial and trade sanctions legislation or to attempting to circumvent its provisions is a criminal offence.
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.