This news release is issued to publicise the amendment of 2 entries to the Russian sanctions regime.
The Russia (Sanctions) (EU Exit) Regulations 2019 (S.I. 2019/855) were made under the Sanctions and Anti-Money Laundering Act 2018 (the Sanctions Act) and provide for the freezing of funds and economic resources of certain persons, entities or bodies involved in destabilising Ukraine or undermining or threatening the territorial integrity, sovereignty or independence of Ukraine, or obtaining a benefit from or supporting the Government of Russia. The Russia (Sanctions) (EU Exit) Regulations 2019 have effect in the Isle of Man by the Russia Sanctions (Application) Regulations 2020 [S.D. 2020/0504].
On 28 December 2022 the Foreign, Commonwealth and Development Office updated the UK Sanctions List. This list provides details of those designated under sanctions legislation.
Deleted information appears in [square brackets]. Additional information appears in italics.
The following entries have been amended and are still subject to an asset freeze:
- OJE PARVAZ MADO NAFAR COMPANY (Group ID: 15703)
Name (non-Latin script): نفر مادو پرواز اوج شرکت
a.k.a: Mado Company Address: Qom, No. 1106, 11 Hemmat Corner, Hemmat Square, Hemmat [Bouelvard] Boulevard, Shokuhieh Industrial Town, Qom, Qom Province, Iran, 3718116354. Other Information: (UK Sanctions List Ref):RUS1697 (UK Statement of Reasons):Oje Parvaz Mado Nafar Company 'Mado Company' is an involved person under the Russia (Sanctions) (EU Exit) Regulations 2019 in that it has provided or made available for use by the Russian military components and engines for Unmanned Aerial Vehicles (UAVs) that could contribute to destabilising Ukraine or undermining or threatening the territorial integrity, sovereignty or independence of Ukraine. Listed on: 13/12/2022 UK Sanctions List Date Designated: 13/12/2022 Last Updated: [13/12/2022] 28/12/2022 Group ID: 15703.
- Said Mikhailovich GUTSERIEV (Group ID: 15418)
Name (non-Latin script): ГУЦЕРИЕВ, Саид Михайлович
DOB: 18/04/1988. POB: Grozny, Russia Nationality: (1) Russia (2) United Kingdom Address: London, United Kingdom. Other Information: (UK Sanctions List Ref):RUS1479 (UK Statement of Reasons):Said GUTSERIEV is and has been involved in obtaining a benefit from or supporting the Government of Russia by working as a director (whether executive or non-executive), or equivalent, and owning or controlling directly or indirectly (within the meaning of regulation 7), of PJSC SFI, an entity carrying on business in the Russian financial services sector, a sector of strategic significance to the Government of Russia. (Gender): Male Listed on: 29/06/2022 UK Sanctions List Date Designated: 29/06/2022 Last Updated: [16/12/2022] 28/12/2022 Group ID: 15418.
What you must do
Financial institutions and other persons are required to check whether you maintain any accounts or otherwise hold funds or economic resources for, or provide financial services to, designated individuals. If so, you must freeze such accounts or other funds and, unless licensed by the Treasury, not deal with those funds or economic resources, make those funds or economic resources available to a designated person, or make those funds or economic resources available for the benefit of a designated person. You must also report your findings to the FIU.
Failure to comply with financial and trade sanctions legislation or to attempting to circumvent its provisions is a criminal offence.
Where a relevant institution has already reported details of accounts, other funds or economic resources held frozen for the designated person, you are not required to report these details again.
Consequently the Foreign, Commonwealth and Development Office updated the Consolidated List. This list provides details of those designated under sanctions legislation.
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.