The Treasury advises that the Russia Sanctions consolidated legislation has been amended following changes to the statutory documents relating to Russia trade sanctions. These changed will come into effect on 5December 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 have been amended in the United Kingdom in response to Russian actions in Ukraine. The Isle of Man is adopting these measures to ensure that sanctions against Russia in the Island are aligned with the United Kingdom.
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.
