The Treasury has the power to issue General Licences for financial and trade sanctions regimes under a number of Regulations.
On 1 April 2022, the Treasury issued General Trade Licence IOM/2022/GTL001 under regulation 65 of the Russia Sanctions (EU Exit) Regulations 2019, as they apply to the Isle of Man by the Russia Sanctions (Application) Regulations 2020 [SD 2020/0504] (“the Regulations”). Which permits the provision of technical assistance, financial services and funds, and brokering services relating to vessels.
This licence is a temporary measure which will address a shortcoming in the regulations.
The licence comes into force on 01 April 2022. Any person seeking to rely on the licence must email firstname.lastname@example.org within 30 days of their first use of the licence.
For guidance on exporting or doing business in Russia, contact the Export Control Joint Unit
Further details of the sanctions regime related to Russia may be found on the Customs and Excise pages of the Isle of Man Government website.