General licences:
The Treasury has the power to issue General Licences for financial and trade sanctions regimes under a number of Regulations. Treasury licences permit acts that would normally be prohibited by the Regulations to take place, and may be general or specific in nature. The Treasury licences outlined below correspond to general licences issued by HM Treasury this week, following the extension of financial and trade sanctions against Russia.
On 8 March 2022, the Treasury issued the above General Licences 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 the above General Licences 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/RUS008 relates to PJSC Sberbank and any of its subsidiaries. It allows a person may provide financial services to Sberbank or a subsidiary for the purpose of winding down that activity. A Person, Relevant Institution, Sberbank or subsidiary can carry out any activity reasonably necessary to effect this.
The General Licence takes effect from date of issue and expires on 3 April 2022.
General Licence IOM/2022/RUS009 a Person (other than the DPs, Novikombank or a Subsidiary) may wind down any transactions to which it is a party, involving the DPs, Novikombank or a Subsidiary including the closing out of any positions, and a Person, Relevant Institution, or the DPs, Novikombank or a Subsidiary can carry out any activity reasonably necessary to effect this.
For the purposes of the General Licence, the DPs, Novikombank and Subsidiaries relate to:
- Bank Otkritie
- Promsvyazbank
- Bank Rossiya
- Sovcombank and
- Vnesheconombank (Veb)
- JSCB Novikombank
The General Licence takes effect from date of issue and expires on 3 April 2022.
General
The permissions in the above General Licences 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.
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.
