The Treasury has the power to issue General Licences for financial and trade sanctions regimes under a number of Regulations.
On 30 March 2022, the Treasury issued General Licence IOM/2022/RUS014 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/RUS014 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/RUS014 which allows for a wind down period until 15 May 2022 of positions involving the DP (Sovcomflot). A Subsidiary is any entity owned or controlled by the DP.
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/RUS014 a Person (other than the DP or a Subsidiary) may wind down any transactions to which it is a party, involving the DP or a Subsidiary including the closing out of any positions, and a Person, Relevant Institution, or the DP or a Subsidiary can carry out any activity reasonably necessary to effect this.
The permissions in General Licence IOM/2022/RUS014 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 15 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.