General licence - IOM/2022/RUS007
The Treasury has the power to issue General Licences for financial and trade sanctions regimes under a number of Regulations.
On 27 February 2023, the Treasury amended General Licence IOM/2022/RUS007 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/RUS007 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/RUS007 relates to VTB Capital and any of its subsidiaries incorporated in the Isle of Man. It allows anything to be done by, or on behalf of a Relevant Authority in respect of an Isle of Man subsidiary of VTB Capital for the purposes of the statutory functions of that authority as they relate to prudential supervision or protecting, maintaining or enhancing the stability of the financial system of the Isle of Man, including for any purpose in connection with the Financial Services Act 2008.
For the purposes of General Licence IOM/2022/RUS007 a Relevant Authority means The Financial Services.
On 27 February 2023, General Licence IOM/2022/RUS007 was amended to extend the expiry date from 01 March 2023 to 03 April 2025
General
The permissions in General Licence IOM/2022/RUS007 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 03 April 2025.
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.
