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 8 July, the Treasury issued General licence - IOM/2022/BEL005 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/BEL005 allows allows for wind down period in respect of, category C loans (as defined by Regulation 15B (5)) as well as transferable securities and money market instruments (as defined by Regulation 15A (2C)).
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.
The permissions in General Licence IOM/2022/BEL005 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/BEL005 takes effect from date of issue and expires on 12 July 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.