Financial Sanctions: Russia General Licence

Tuesday, 29 March 2022

General licence - IOM/2022/RUS013

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

On 29 March 2022, the Treasury issued General Licence IOM/2022/RUS013 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/RUS013 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/RUS013 which allows for the continuation of business operations involving the Joint Venture GEFCO, a Joint Venture owned by Russian Railways and Stellantis, GEFCO S.A Rue Jean Jaures, 20-22, 92800 Puteaux, France. 

A Subsidiary is any entity owned or controlled by the DP, including:

  • GEFCO UK Ltd
  • GEFCO Forwarding UK
  • Auto XP Limited
  • XP Tech Limited 

A Person is an individual, a body of persons corporate or unincorporate, any organisation or any association or combination of persons; 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/RUS013 a Person may continue business operations involving the Joint Venture or its Subsidiaries including, but not limited to: Payments to or from the Joint Venture or its Subsidiaries under any obligations or contracts; Payments to or from any third party necessary to the continuation of any obligations or contracts.    


The permissions in General Licence IOM/2022/RUS013 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 23 May 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.

Issued By