Financial Sanctions: Russia General Trade Licence - Amendment

Wednesday, 3 August 2022

General Trade Licence – Vessels – IOM/2022/GTL001

The Treasury has the power to issue General Licences for financial and trade sanctions regimes under a number of Regulations.

On 01 August 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 has been revised to remove Regulation 28 (financial services and funds related to restricted goods and restricted technology) from paragraph 1(h). This enables the provision of insurance and reinsurance to a person connected with Russia in relation to the items in paragraph 1(a), subject to the wider restrictions and conditions of the licence.

Any person seeking to rely on the licence must provide details to the Treasury 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.

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