ISLE OF MAN FINANCIAL SANCTIONS: RUSSIA GENERAL LICENCE

On 30 September, the Isle of Man Treasury issued a General Licence and said that any persons intending to use the General Licence should the Licence for full details of the permissions and usage requirements.  The General Licence allows that –

  • a Person may make payment(s) out of non-frozen funds to the Crimean Sea Ports for services provided at the ports of Kerch Fishery Port, Yalta Commercial Port and Evpatoria Commercial Port, and for services provided by Gosgidrografiya and by Port-Terminal branches of the Crimean Sea Ports;
  • a Person may be reimbursed out of non-frozen funds for payments it makes in accordance with the above;
  • relevant institutions may process payments made in accordance with the above.

The permissions in the General Licence 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 relevant sanctions regulations, save as permitted under licences granted under the regulations.

https://www.gov.im/news/2021/sep/30/financial-sanctions-russia-general-licence/

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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