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Financial Sanctions: Russia General Licence

Wednesday, 29 June 2022

General Licence IOM/2022/RUS022

The Treasury has the power to issue General Licences for financial and trade sanctions regimes under a number of Regulations.

On 29 June 2022, the Treasury issued General Licence IOM/2022/RUS022 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/RUS022 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/RUS022 which allows for a new office holder and Charity Trustee to act as receiver(s) and manager(s) in respect of the property and affairs of a Charity, as specified below. The licence will expire on 30 May 2023.

For the purposes of General Licence IOM/2022/RUS022:

  • A new office holder is appointed by an Order of the High Court of the Isle of Man on application of the Attorney General [under section 39(2)(b) of the Charities Registration and Regulation Act 2019] to act as Charity trustee in respect of the property and affairs of a Charity. A new office holder has the same duties and responsibilities as all Charity trustees in relation to the management and administration of a charity.
  • A Charity Trustee is a person having general control and management of the administration of a Charity as defined in section 24 of the Charities Registration and Regulation Act 2019
  • The Attorney General registers and regulates charities in the Isle of Man whose statutory duties and functions are set out in the Charities Registration and Regulation Act 2019

A Person is an individual, a body of persons corporate or unincorporate, any organisation or any association or combination of persons; a designated person is a person who is designated by the Secretary of State from time to time under regulation 5 of the Russia (Sanctions) (EU Exit) Regulations 2019 (of Parliament) and a Relevant Institution is:

  • a person who is licensed under the Financial Services Act 2008 (of Tynwald) to carry on a regulated activity within the meaning of section 3 of that Act;
  • a person who is authorised or registered under the Insurance Act 2008 (of Tynwald) or holds a permit under that Act;
  • a person who is registered under the Moneylenders Act 1991 (of Tynwald) to carry on the business of lending money;
  • a person who is acting as a trustee or an administrator of a retirement benefits scheme within the meaning of the Retirement Benefits Schemes Act 2008 (of Tynwald)

Under General Licence IOM/2022/RUS022 a new office holder or Charity Trustee may allow for:

  • the basic needs of operation of charities and routine holding and maintenance of frozen funds or economic resources and the payment of legal fees, by new office holders and Charity Trustees.
  • the receipt and disbursement of Charitable Funds
  • the payments associated with the wind up of a charity
  • receiving and processing of payments


The permissions in General Licence IOM/2022/RUS022 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 Russia Regulations, save as permitted under licences granted under The Russia Regulations.

The General Licence takes effect from the date of issue and expires on 30 May 2023.

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.

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