The Treasury has the power to issue General Licences for financial and trade sanctions regimes under a number of Regulations.
On 24 May 2022, the Treasury issued General licence - IOM/2022/RUS021 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/RUS021 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/RUS021 which allows payments and other permitted activities to take place in relation to the purchase of tickets from a DP or any Subsidiary for flights or rail journeys originating in, or within, Russia. The licence will expire on 23 May 2023.
For the purposes of General Licence IOM/2022/RUS021, an Isle of Man Person is an Isle of Man national or a body incorporated or constituted under the law of any part of the Isle of Man; the DPs are PJSC Aeroflot, JSC Rossiya Airlines, JSC Ural Airlines, Russian Railways; a subsidiary is any entity owned or controlled by any of the DPs that provides rail or air passenger services; 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/RUS021:
- An Isle of Man Person may purchase tickets from a DP or any Subsidiary for flights or rail journeys originating in, or within, Russia.
- An Isle of Man Person, Relevant Institution or DP may carry out any activity reasonably necessary to effect the purchase of such tickets for flights or rail journeys.
The permissions in General Licence IOM/2022/RUS021 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 2023.
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.