This news release is issued to publicise the amendment of 3 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 name persons in relation to financial and investment restrictions. These persons are named in Schedule 2 of the Regulations and are recorded in OFSI’s list of persons named in relation to financial and investment restrictions. 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].
The following entries have been amended:
- UNITED AIRCRAFT CORPORATION (Group ID: 13121)
- URALVAGONZAVOD (Group ID: 13122)
- VTB BANK (Group ID: 13080)
Full details can be found here.
The list of persons named in relation to financial and investment restrictions can be found in the Consolidated List. This list provides details of those designated under sanctions legislation.
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, and suspend the provision of any financial services. 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.
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.
