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Financial Sanctions: Russia General Licence.

Wednesday, 17 August 2022

General licence - IOM/2022/RUS028

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

On 17 August 2022, the Treasury issued General licence - IOM/2022/RUS028 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/RUS028 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/RUS028 allows payments to a Sanctioned Bank or any Subsidiary for the purpose of making energy available for use in Mongolia.  

For the purposes of General Licence IOM/2022/RUS028 the Sanctioned Banks mean:

  • Credit Bank of Moscow;
  • Gazprombank;
  • Sberbank; and
  • Rosbank PJSC.

A Subsidiary is any entity owned or controlled by a Sanctioned Bank.

A Person is an individual, a body of persons corporate or unincorporate, any organisation or any association or combination of persons; and a Relevant Institution is:

  • a person who is licensed under the Financial Services Act 2008 (of Tynwald) to carry on a regulated activity within the meaning of section 3 of that Act;
  • a person who is authorised or registered under the Insurance Act 2008 (of Tynwald) or holds a permit under that Act;
  • a person who is registered under the Moneylenders Act 1991 (of Tynwald) to carry on the business of lending money;
  • a person who is acting as a trustee or an administrator of a retirement benefits scheme within the meaning of the Retirement Benefits Schemes Act 2008 (of Tynwald)

Under General Licence IOM/2022/RUS028 a Person may continue to make payments to a Sanctioned Bank or any Subsidiary for the purpose of making energy available for use in Mongolia, and a Person, Relevant Institution, Sanctioned Bank or Subsidiary can carry out any activity reasonably necessary to effect this.


The permissions in General Licence IOM/2022/RUS028 do not authorise any act which 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 14 August 2023.

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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