The Treasury advises that the Russia Sanctions (Application) (No.6) Regulations 2022 [SD 2022/0161] came into operation on 21 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. 8) 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 provide for a number of trade restrictions. These include -
- prohibiting the export, supply and delivery, making available and transfer of Quantum computing and advanced materials-related goods and technology to, or for the use in, Russia, or to a person connected with Russia (as well as related technical assistance, financial services, funds and brokering services);
- prohibiting the export, supply and delivery, making available and transfer of oil refining goods and technology (including oil catalysts) to, or for use in, Russia, or to a person connected with Russia (as well as, where appropriate, related technical assistance, financial services, funds and brokering services);
- prohibiting the export of export, supply, delivery, making available and transfer of certain luxury goods, to, or for use in, Russia, or to a person connected with Russia.
These Regulations also amend the Russia Regulations to introduce a new prohibition on the import, acquisition, supply and delivery of certain iron and steel products originating in or consigned from Russia. The purpose of this measure is to limit Russia’s exporting capability in a major market.
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.