General licence - IOM/2022/BEL004
The Treasury has the power to issue General Licences for financial and trade sanctions regimes under a number of Regulations. Treasury licences permit acts that would normally be prohibited by the Regulations to take place, and may be general or specific in nature. The Treasury licence outlined below corresponds to a general licence issued by HM Treasury this week, following the extension of financial and trade sanctions against Belarus.
On 28 March 2022, the Treasury issued General licence - IOM/2022/BEL004 under regulation 32 of the Belarus (Sanctions) (EU Exit) Regulations 2019, as they apply to the Isle of Man by the Belarus Sanctions (Application) Regulations 2020 [SD 2020/0479] (“the Belarus Regulations”).
IOM/2022/BEL004 allows a for a period of until 04 August 2022 for a Person to provide financial services for the purpose of winding down any derivatives, repurchase, and reverse repurchase transactions entered into prior to 05 July 2022
involving:
- National Bank of Belarus (NBB);
- Ministry of Finance of Belarus (MF); and
- Those persons set out in regulation 15CA c to d of the Belarus Regulations.
Any persons intending to use any of the above General Licence 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
The permissions in General Licence IOM/2022/BEL004 do not authorise any act which the person carrying out the act knows, or has reasonable grounds for suspecting, will result in funds or economic resources being made available in breach of The Belarus Regulations, save as permitted under licences granted under The Belarus Regulations.
General Licence IOM/2022/BEL004 takes effect from date of issue and expires on 4 August 2022.
Further details of the sanctions regime related to Belarus may be found on the Customs and Excise pages of the Isle of Man Government website.
