The Treasury has the power to issue General Licences for financial and trade sanctions regimes under a number of Regulations.
On 22 April 2022, the Treasury issued General licence - IOM/2022/RUS017 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 General licence - IOM/2022/RUS017 should consult the 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/RUS017 allows payments to Gazprombank or a Subsidiary for the purpose of making Gas available in the European Union.
Under General licence - IOM/2022/RUS017 a Person may continue to make payments to Gazprombank or a Subsidiary under a contract entered into prior to the date of this licence for the purpose of making Gas available for use in the European Union and a Person, Relevant Institution, or Gazprombank, or a Subsidiary can carry out any activity reasonably necessary to effect this including the opening and closing of bank accounts.
A Person making payments under this licence 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 permissions in General licence - IOM/2022/RUS017 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.
The General Licence takes effect from the date of issue and expires on 31 May 2022.
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.