The Treasury has the power to issue General Licences for financial and trade sanctions regimes under a number of Regulations.
On 08 July 2022, the Treasury issued General licence - IOM/2022/RUS026 under regulation 64 of the Russia Sanctions (EU Exit) Regulations 2019, as they apply to the Isle of Man by the Russia Sanctions (Application) Regulations 2020 [SD 2020/0504] (“the Regulations”).
Any persons intending to use General Licence IOM/2022/RUS025 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 Licence IOM/2022/RUS026 means relevant persons seeking to undertake humanitarian activity in relation to the conflict in Ukraine do not need to apply for individual licences from the Treasury, but instead can rely on the permissions within this General Licence.
The General Licence also contains permissions for relevant IOM financial institutions to carry out any activity to effect the delivery of humanitarian assistance, and other activities that support basic needs in relation to the conflict in Ukraine.
The permissions in General Licence IOM/2022/RUS026 do not authorise any act which will result in funds or economic resources being made available in breach of The Russia Regulations, save as permitted under licences granted under The Russia Regulations.
The General Licence takes effect from 8 July 2022.
Further details of the sanctions regime related to Russia may be found on the Customs and Excise pages of the Isle of Man Government website.