This news release is issued to publicise amendments to all persons designated under 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 21 March 2023 the Foreign, Commonwealth and Development Office updated the UK Sanctions List. This list provides details of those designated under sanctions legislation.
1730 entries have been amended on the consolidated list to reflect the designations made in respect of trust services sanctions. The following has been added to the ‘Other Information’ field of each entry.
- Financial sanctions imposed in addition to an asset freeze: Trust services
- Date trust services sanctions imposed: 21/03/2023
7 entries have been amended to add the following information to the ‘Other Information’ field, in addition to the information in paragraph 3.
- Financial sanctions imposed in addition to an asset freeze: Dealing with transferable securities or money-market instruments. Loans and credit arrangements.
1 entry has been amended to add the following information to the ‘Other Information’ field, in addition to the information in paragraphs 3 and 4.
- Financial sanctions imposed in addition to an asset freeze: Correspondent banking relationships etc.
Further information can be found in the Annex to this Notice. No further changes have been made to the Consolidated List.
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.
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.