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Financial Sanctions: Russia

Thursday, 1 June 2023

This news release is issued to publicise the amendment of 2 entries to the Russian sanctions regime.

The Russia (Sanctions) (EU Exit) Regulations 2019 (S.I. 2019/855) were made under the Sanctions and Anti-Money Laundering Act 2018 (the Sanctions Act) and provide for the freezing of funds and economic resources of certain persons, entities or bodies involved in destabilising Ukraine or undermining or threatening the territorial integrity, sovereignty or independence of Ukraine, or obtaining a benefit from or supporting the Government of Russia. The Russia (Sanctions) (EU Exit) Regulations 2019 have effect in the Isle of Man by the Russia Sanctions (Application) Regulations 2020 [S.D. 2020/0504].

On 31 May 2023 the Foreign, Commonwealth and Development Office updated the UK Sanctions List. This list provides details of those designated under sanctions legislation.

Amendments

Deleted information appears in [square brackets]. Additional information appears in italics.

The following entries have been amended and are still subject to an asset freeze and trust services sanctions:

  1. LEPIN, Vladimir Nikolaevich
    Name (non-Latin script): [ЛЕПІН Володимир Миколайович] Владимир Николаевич Лепин
    DOB: 28/07/1959. POB: Tambov, Russia Nationality: Russia Position: Director General of JSC Concern Kalashnikov Other Information: (UK Sanctions List Ref):RUS1913. Financial sanctions imposed in addition to an asset freeze: Trust services. Date trust services sanctions imposed: 18/05/2023. (UK Statement of Reasons):Vladimir Nikolaevich LEPIN ("LEPIN") is an “involved person” under the Russia (Sanctions) (EU Exit) Regulations 2019 (the "Russia Sanctions Regulations") because LEPIN is and has been involved in supporting the Government of Russia by working as a director or equivalent of a Government of Russia affiliated entity carrying on business in a sector of strategic significance to the Government of Russia, namely JSC Concern Kalashnikov ("Kalashnikov") which operates within the Russian defence sector. (Gender):Male Listed on: 19/05/2023 UK Sanctions List Date Designated: 18/05/2023 Last Updated: [22/05/2023] 31/05/2023 Group ID: 15969.

  2. KONOV, Dmitry Vladimirovich
    DOB: 02/09/1970. Other Information: (UK Sanctions List Ref):RUS0784. Financial sanctions imposed in addition to an asset freeze: Trust services. Date trust services sanctions imposed: 21/03/2023. (UK Statement of Reasons):[Dmitriy Vladimirovich KONOV was a member of the Board of Directors of SIBUR Holding, a major petrochemicals company headquartered in Moscow, until March 2022. KONOV therefore has been involved in obtaining a benefit from or supporting the Government of Russia as an executive director or equivalent of an entity which has been carrying on business in a sector of strategic significance to the Government of Russia (chemicals).] Dmitry Vladimirovich KONOV (hereinafter KONOV) is an involved person under the Russia (Sanctions) (EU Exit) Regulations 2019 on the basis of the following grounds: (1) KONOV has been involved in obtaining a benefit from or supporting the Government of Russia by working as a director or equivalent of PJSC Sibur Holding, an entity carrying on business in a sector of strategic significance to the Government of Russia, namely the Russian chemicals sector; (2) KONOV is or has been involved in obtaining a benefit from or supporting the Government of Russia by working as a director or equivalent of PJSC Alrosa, an entity carrying on business as a Government of Russia-affiliated entity operating in a sector of strategic significance to the Government of Russia, namely the Russian extractives sector. Listed on: 15/03/2022 UK Sanctions List Date Designated: 15/03/2022 Last Updated: [21/03/2023] 31/05/2023 Group ID: 14735

What you must do

Financial institutions and other persons are required to check whether you maintain any accounts or otherwise hold funds or economic resources for, or provide financial services to, designated individuals. If so, you must freeze such accounts or other funds and, unless licensed by the Treasury, not deal with those funds or economic resources, make those funds or economic resources available to a designated person, or make those funds or economic resources available for the benefit of a designated person. You must also report your findings to the FIU.

Failure to comply with financial and trade sanctions legislation or to attempting to circumvent its provisions is a criminal offence.

Where a relevant institution has already reported details of accounts, other funds or economic resources held frozen for the designated person, you are not required to report these details again.

Further information

Consequently the Foreign, Commonwealth and Development Office updated the Consolidated List. This list provides details of those designated under sanctions legislation.

Further details of the sanctions regime related to Russia and links to other financial sanctions regimes may be found on the Customs and Excise pages of the Isle of Man Government website.

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