General licence - IOM/2022/RUS032
The Treasury has the power to issue General Licences for financial and trade sanctions regimes under a number of Regulations.
On 09 November 2022, the Treasury issued General Licence IOM/2022/RUS032 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 Russia Regulations”).
Any persons intending to use General Licence IOM/2022/RUS032 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/RUS032 which allows for a 7 day wind down period in respect of category 5 loans.
For the purposes of General Licence IOM/2022/RUS032, a category 5 loan has the same meaning as in Regulation 17 of the Russia Regulations.
General Licence IOM/2022/RUS032 allows for the continued granting of category 5 loans for the 7 days following the issuing of the Licence.
All persons using the licence are required to keep accurate, complete and readable records, on paper or electronically, of any activity purporting to have been permitted under this licence for a minimum of 6 years. These documents must be made available on request by the Treasury.
The permissions in General Licence IOM/2022/RUS032 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 23:59 17 November 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.