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Isle of Man strengthens economic pressure on Russia

Wednesday, 16 March 2022

The Department for Enterprise has confirmed its ongoing commitment to proactively halt all business across its Air and Ship Registry services that have connections with Russia, beyond the coordinated steps already taken in response to global sanctions.

As a result of ongoing sanctions, the Department for Enterprise has already cancelled the registrations of a number of aircraft and yachts that have links with individuals or organisations that have appeared on any of the global lists, including UK and EU.

The Isle of Man government continues to play its part in international efforts to put pressure on the Russian economy and as such the Department is also taking proactive steps to actively exclude ALL Russian and Belarusian business from its Air and Ship Registries.

Dr Alex Allinson MHK, Minister for Enterprise, commented:

‘The Air and Ship Registries have been acting proactively and rapidly to halt business with Russian connections above and beyond those already sanctioned on the UK’s lists. Since the start of the conflict we have been working to remove aircraft and ships/yachts with Russian connections and a detailed review is already underway in partnership with relevant agencies to establish any further connections with Russia and ensure that appropriate steps are taken in a robust and timely fashion.

‘Yesterday Tynwald made it patently clear that we unanimously support Ukrainian sovereignty, democracy, independence and territorial integrity; condemned the Russian invasion of Ukraine; are committed to fully supporting international sanctions against Russia; and further support those fleeing the conflict in Ukraine.’

As with any major financial centre, the Isle of Man has a global client outlook and has a large degree of experience in working with international bodies and standards. The Island has a solid track record of acting swiftly and decisively when it comes to sanctions. The Department is continuing its dialogue with local industry to understand their exposure and to make clear the strong position being taken by Government.

Minister Allinson added:

‘Many countries around the world will be facing similar challenges as the situation rapidly develops. The Isle of Man has a proven track record in supporting global standards of transparency and we are taking additional steps to ensure we can take extensive action against any Russian linked business. We will help to strengthen the resolve of the international response.

‘The Council of Ministers is meeting regularly to assess the situation in Ukraine and to ensure that we are doing everything in our power to put additional pressure on Russia in this unprecedented situation. We will continue to talk to local industry about their exposure to Russian business and any impacts this may have on our Island.’

The Isle of Man Aircraft Registry and Ship Registry have publically available registers of aircraft and ships/yachts. The Isle of Man also has full transparency in its tax regime and automatic exchange of information with hundreds of countries around the world. Furthermore the Isle of Man has committed to a public register of beneficial ownership.

The Financial Services Authority have issued a letter for local businesses regarding sanctions with Russia.

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