General licences - IOM/2022/RUS006
The Treasury has the power to issue General Licences for financial and trade sanctions regimes under a number of Regulations.
On 25 April 2022, the Treasury amended the above General Licence under regulation 64 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”).
Any persons intending to use a General Licence should consult a copy of the Licence for full details of the permissions and usage requirements which can be found attached to this release.
General Licence IOM/2022/RUS006 permits any subsidiary of VTB incorporated in the Isle of Man to make payments for basic needs including insurance premiums, property management services, remuneration, pensions of employees, tax, rent or mortgage. An IOM subsidiary may also make payments for, reasonable fees and service charges arising from routine holding and maintenance of frozen funds and economic resources. It also includes payments for professional fees and expenses associated with the provision of legal services.
On 8April the licence was amended to broaden the actions that can be permitting to include receiving, processing and taking any other action regarding payments, Insolvency Proceedings, services, maintence and fees relating to the IOM Subsidiary. It also extended the expiry date from March 2023 to April 2023.
This licence is being amended to include Sberbank CIB (UK) Ltd.
When payments are made under the above, an IOM subsidiary of VTB or Sberbank CIB (UK) Ltd must provide written notice to the Treasury that it is conducting activity permitted under this licence and must supply the Treasury with its current, valid contact details within 7 days of making the payment. Notice may be provided by email to firstname.lastname@example.org.
This notification does not constitute verification by the Treasury that activity purported to be permitted under this licence is permitted.
An IOM Subsidiary of VTB or Sberbank CIB (UK) Ltd making payments under this licence above must keep accurate, complete and readable records, on paper or electronically, of any activity purporting to have been permitted under this licence for a minimum of 6 years.
The General Licence expires on 3 April 2023.
The permissions in the above General Licences do not authorise any act which the person carrying out the act knows, or has reasonable grounds for suspecting, will result in funds or economic resources being made available in breach of the Russia Regulations, save as permitted under licences granted under The Russia Regulations.
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.