The Treasury has the power to issue General Licences for financial and trade sanctions regimes under a number of Regulations.
On 22 March 2022, the Treasury amended General Licence IOM/2022/RUS002 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”) which allows for a 30-day wind down period of positions involving VTB Bank.
The licence was amended to update references to Isle of Man legislation and expand the definition of a subsidiary.
Any persons intending to use General Licence IOM/2022/RUS002 should consult the copy of the Licence for full details of the permissions and usage requirements which can be found attached to this release.
The permissions in General Licence IOM/2022/RUS002 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 27 March 2022.
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.