The Treasury advises that the Russia Sanctions (Application) (No.11) Regulations 2022 [SD 2022/0240] came into operation on 22 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. 14) 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.
The Regulations expand and impose new restrictions in relation to the export making available, and supply or delivery of -
- miscellaneous essential goods required for the functioning of the Russian economy (as specified in new Schedule 3E);
- energy-related goods.
New prohibitions are imposed on the import, acquisition and supply or delivery of:
- oil and oil products (as specified in new Schedule 3F) (note these come into force on 31 December 2022);
- coal and coal products (as specified in new Schedule 3H) (note these come into force on 10 August 2022);
- gold (as specified in new Schedule 3G);
that originate in or are consigned from Russia (as well as prohibitions on the provision of related technical assistance, financial services, funds, and brokering services).
The Regulations also make prohibitions on the provision of Professional and Business Services (as specified in new regulation 54B) directly or indirectly to a person connected with Russia.
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.