The Treasury advises that the Russia Sanctions (Application) (No.10) Regulations 2022 [SD 2022/0240] came into operation on 20 July 2022, which apply the provisions of the following United Kingdom statutory instruments relating to Russia financial and trade sanctions to the Island.
- The Russia (Sanctions) (EU Exit) (Amendment) (No. 12) Regulations 2022
- The Russia (Sanctions) (EU Exit) (Amendment) (No. 13) Regulations 2022
The Russia (Sanctions) (EU Exit) Regulations 2019 (of UK Parliament) (the 'Russia Regulations') were applied to the Island, and currently have effect in the Island, by the Russia Sanctions (Application) Regulations 2020 [SD 2020/0504]. The Russia Regulations were amended in the United Kingdom in response to Russian actions in Ukraine. The Isle of Man has adopted these measures to ensure that sanctions against Russia in the Island are aligned with the United Kingdom.
New restrictions are imposed in relation to investments (and services directly related to those investments) in respect of:
- land located in Russia
- persons connected with Russia
- relevant entities
- joint ventures
- opening a representative office or
- establishing a branch or subsidiary located in Russia
These Regulations include for exceptions to, and licensing powers in relation to, these new provisions.
These Regulations will amend the designation criteria to specify additional activities for which a person may be designated, expand the scope of those involved in obtaining a benefit from or supporting the Government of Russia, and broaden the definition of ‘associated with’ to include specified family members.
These Regulations also provide for a new exception from trade sanctions measures for humanitarian assistance activity in non-government controlled areas of the Donetsk and Luhansk oblasts.
There are also some minor amendments to expand on the definition of ownership in relation to ships and aircraft, and correct minor errors.
Failure to comply with financial and trade sanctions legislation or to attempting to circumvent its provisions is a criminal offence.
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.