This news release is issued to publicise the addition of 2 entries and 20 ships under the Russia sanctions regime.
The Russia (Sanctions) (EU Exit) Regulations 2019 have effect in the Isle of Man by the Sanctions (Implementation of UK Sanctions) Regulations 2024 ('the Regulations'), which are made under the Sanctions Act 2024. This regime imposes financial, trade, aircraft, shipping and immigration sanctions for the purposes of encouraging Russia to cease actions which destabilise Ukraine, or undermine or threaten the territorial integrity, sovereignty or independence of Ukraine.
Types of sanctions applicable under this regime:
- Asset freeze
- Other financial and investment restrictions
- Trade
- Immigration
- Aircraft
- Ships
On 17 December 2024 the Foreign, Commonwealth and Development Office updated the UK sanctions list. This list provides details of those designated under sanctions legislation.
Additions
The following entries have been added to the Consolidated List and are now subject to an asset freeze and trust services sanctions.
Entities
- 2RIVERS DMCC
a.k.a: (1) 2Rivers (2) Coral Energy DMCC (3) Coral Energy Group
Address: Unit No: 3902, Platinum Towers, Plot no JLT-PH1-I2, Jumeriah Lakes Towers, Dubai, United Arab Emirates. Other Information: (UK Sanctions List Ref): RUS2381. Financial sanctions imposed in addition to an asset freeze: Trust services. Date trust services sanctions imposed: 17/12/2024. (UK Statement of Reasons): 2Rivers DMCC is an involved person under the Russia (Sanctions) (EU Exit) Regulations 2019 based on the following ground: 2Rivers DMCC is or has been involved in obtaining a benefit from or supporting the Government of Russia, namely the Russian energy sector. (Phone number): +971502468552 Listed on: 17/12/2024 UK Sanctions List Date Designated: 17/12/2024 Last Updated: 17/12/2024 Group ID: 16717 - 2RIVERS PTE LTD
a.k.a: (1) 2Rivers (2) Coral Energy Group (3) Coral Energy PTE LTD Address: New Bridge Centre, 336 Smith Street, Singapore, 50336. Other Information: (UK Sanctions List Ref): RUS2380. Financial sanctions imposed in addition to an asset freeze: Trust services. Date trust services sanctions imposed: 17/12/2024. (UK Statement of Reasons): 2Rivers PTE LTD is an involved person under the Russia (Sanctions) (EU Exit) Regulations 2019 based on the following ground: 2Rivers PTE LTD is or has been involved in obtaining a benefit from or supporting the Government of Russia, namely the Russian energy sector. Listed on: 17/12/2024 UK Sanctions List Date Designated: 17/12/2024 Last Updated: 17/12/2024 Group ID: 16716
Ships
20 ships have been added to the Consolidated List and are now subject to shipping sanctions. Further information can be found in the Annex to this Notice.
What you must do
These sanctions target vessels which attempt to undermine sanctions in support of the Russian oil and military goods trades.
If you suspect a person, entity or ship is a match to an entry included in the UK Sanctions List, and you hold or otherwise deal with funds or economic resources of that person, entity or ship:
- You must freeze the assets immediately
- You must review the information you hold for that ship against the UK Sanctions List to ensure you do not have a false positive identification
- Do not deal with those assets or make them available to, or for the benefit of the designated ship unless:
- You have a legal exemption
- You have a licence
- You must report the frozen assets to the FIU
If you have a suspicion or knowledge that there has been a breach of sanctions law, or any attempted transactions that you have blocked, report your suspicions 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.
Note on ship specifications:
Ships specified under the Russia (Sanctions) (EU Exit) Regulations 2019 which have effect in the Isle of Man by the Sanctions (Implementation of UK Sanctions) Regulations 2024 are prohibited from entering a port in the UK and Isle of Man, may be given a movement or a port entry direction, can be detained, and will be refused permission to register on the UK and Isle of Man Ship registers or have its existing registration terminated. In addition, the Oil Price Cap exception is not applicable to services in relation to specified ships, or to the supply or delivery of Russian oil or oil products in specified ships.
Further information
Further information on the sanctions regime related to Russia and other sanctions related guidance can be found on the Sanctions and Export Control website on the Sanctions Guidance page.
Contact details for enquiries
If you require any further information or guidance, please contact the Sanctions Team on:
Telephone: +44 1624 648109
Email: sanctions@gov.im
Please note: We are unable to provide legal advice. You may need to seek independent legal advice.
