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Sanctions: Russia

Friday, 24 June 2022

The Treasury advises that the Russia Sanctions (Application) (No.8) Regulations 2022 [SD 2022/0219] came into operation on 23 June 2022, which apply the provisions of the following United Kingdom statutory instrument relating to Russia financial and trade sanctions to the Island

  • The Russia (Sanctions) (EU Exit) (Amendment) (No. 10) 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.

These Regulations provide for a number of restrictions imposed in relation to trade with Russia (i.e. imports, exports and related services) in —

(a) maritime goods and maritime technology in certain circumstances;

(b) military goods and technology with non-government controlled Ukrainian territory;

(c) defence and security goods and technology;

(d) interception and monitoring services;

(e) banknotes;

(f) jet fuel and fuel additives;

(g) import of goods which generate significant revenues for Russia.  These include commodities such as caviar, cement, chemical products, fertilisers, ships etc. 

Existing prohibitions relating to trade in iron and steel goods, certain items with non-government controlled Ukrainian territory, oil and refining goods and technology and energy-related goods are also extended to include a wider range of products and services. 

Provisions relating to exceptions to the prohibitions and restrictions, offences and definitions are also updated as a consequence of the trade amendments.

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.

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