Financial Sanctions: Russia General Licence IOM/2026/RUS050

A DP means any individual or body of persons (corporate or unincorporate) designated for the purpose of section 9(2) of the Sanctions and Anti-Money Laundering Act 2018 (of  Parliament) and/or any individual or body of persons (corporate or unincorporate) owned or controlled directly or indirectly by that designated person as determined under the criteria set out in the Regulation 7 and Schedule 1 of the Regulations (as they have effect in the United Kingdom).

A Person means an individual, a body of persons corporate or unincorporate, any organisation or any association or combination of persons which is not itself a DP.

A Relevant Institution has the meaning given in:

• a) Paragraph 2(1) of Schedule 2 of the Sanctions (Implementation of UK Sanctions) Regulations 2024 [SD 2024/0118] and
  
  
• b) Regulation 58(7) and (8) of the Regulations (as they have effect in the United Kingdom)

Banking Fees mean Service fees charged by a Relevant Institution, including transaction fees, payment fees or transfer fees.

Funds mean financial assets and benefits of every kind, including (but not limited to):

• Cash, cheques, claims on money, drafts, money orders and other payment instruments
  
  
• Deposits, balances on accounts, debts and debt obligations
  
  
• Publicly and privately traded securities and debt instruments, including stocks and shares, certificates representing securities, bonds, notes, warrants, debentures and derivative products
  
  
• Interest, dividends and other income on or value accruing from or generated by assets
  
  
• Credit, rights of set-off, guarantees, performance bonds and other financial commitments
  
  
• Letters of credit, bills of lading and bills of sale
  
  
• Documents providing evidence of an interest in funds or financial resources
  
  
• Any other instrument of export financing

Economic resources mean assets of every kind, whether tangible or intangible, movable or immovable, which are not funds but can be used to obtain funds, goods or services, including Agricultural Commodities.

Dealing with means:

In relation to Funds, if a Person:

• Uses, alters, moves, transfers or allows access to the funds
  
  
• Deals with the funds in any other way that would result in any change in volume, amount, location, ownership, possession, character or destination or
  
  
• Makes any other change, including portfolio management, that would enable use of the funds

In relation to Economic Resources, if a Person:

• Exchanges the economic resources for funds, goods or services, or
  
  
• Uses the economic resources in exchange for funds, goods or services (whether by pledging them as security or otherwise)

An Insurance Provider means a firm with permission to effect or carry out contracts of insurance or reinsurance in the Isle of Man and registered by the Isle of Man Financial Services Authority (FSA), including a Designated Person if applicable.

A Trade Licence Holder means a Person, who is not a Designated Person, to whom a trade licence has been issued by the Treasury under regulation 65 of the Regulations or a Person who has notified the Treasury to use a General Licence under regulation 65 of the Regulations.

A Relevant Island National means a British citizen who is resident in the Isle of Man who is not a Designated Person, and who is employed by a non-Isle of Man incorporated Person outside of the Isle of Man, where such non-Isle of Man incorporated Person is neither a Designated Person nor a ‘person connected with Russia’ (nor owned, held or controlled by a Designated Person or a ‘person connected with Russia’). For the purposes of this Licence, a ‘person connected to Russia’ has the meaning given to it in regulation 19A(2) of the Regulations.

A Relevant Exporter means an exporter, producer, seller or transporter of Agricultural Commodities, who is not a Designated Person.

An Island Corporate means an Island-incorporated Person Person under the law of the Isle of Man as defined under Island Person in paragraph 2(2) of Schedule 2 of the Sanctions (Implementation of UK Sanctions) Regulations 2024 [SD 2024/0118] who is not a Designated Person or a Relevant Institution.

Agricultural Commodities means:

• Food
• Fertiliser
• Seed
• Feed and
• Reproductive materials (such as live animals, fertilized eggs, embryos, and semen) for the production of food for animals

Fertiliser means:

• Ammonium nitrate, including fertilisers and fertiliser blends containing more than 15% by weight ammonium nitrate, except liquid fertilisers (containing any amount of ammonium nitrate) or dry fertilisers containing less than 15% by weight ammonium nitrate, controlled under entry 1C997, as listed in Part 1A of Schedule 2A of the Russia Regulations (Critical-industry goods and critical-industry technology) and
  
  
• Ammonia in aqueous solution controlled under commodity code 2814 20 as listed in Schedule 3E Part 2 of the Russia Regulations (G7 dependency and further goods list goods)

Feed means any substance or product, including additives, whether processed, partially processed or unprocessed, intended to be used for oral feeding to animals; and Food means any substance or product, whether processed, partially processed or unprocessed, intended to be, or reasonably expected to be ingested by humans.

‘Food’ includes drink, chewing gum and any substance, including water, intentionally incorporated into the food during its manufacture, preparation or treatment. It includes water after the point of compliance as defined in Article 6 of Directive 98/83/EC and without prejudice to the requirements of Directives 80/778/EEC and 98/83/EC.

‘Food’ shall not include:

• Fodder or feeding stuffs for animals, birds or fish
  
  
• Live animals unless they are prepared for placing on the market for human consumption
  
  
• Plants prior to harvesting
  
  
• Medicinal products within the meaning of Council Directives 65/65/EEC(1) and 92/73/EEC(2)
  
  
• Cosmetics within the meaning of Council Directive 76/768/EEC(3)
  
  
• Tobacco and tobacco products within the meaning of Council Directive 89/622/EEC(4)
  
  
• Narcotic or psychotropic substances within the meaning of the United Nations Single Convention on Narcotic Drugs, 1961, and the United Nations Convention on Psychotropic Substances, 1971
  
  
• Residues and contaminants

Seed means those seeds listed at Schedule 1 of the Seed Marketing Regulations 2016

Financial Services means Financial Services as defined in section 3 of the Financial Services Act 2008.

GAFTA means The Grain and Feed Trade Association (registered in England & Wales with liability limited by guarantee under company number 01006456 and with a registered office at 9 Lincoln's Inn Fields, London, WC2A 3BP), an international trade association representing organisations, amongst other things, trading globally in Agricultural Commodities.