The Isle of Man Treasury issued a notice publicising an update to the UK Sanctions List under the Russia sanctions regime, adding 39 new designations that apply in the Isle of Man. The new entries are subject to an asset freeze and trust services sanctions under the Russia (Sanctions) (EU Exit) Regulations 2019 as implemented locally via the Sanctions (Implementation of UK Sanctions) Regulations 2024. Relevant persons and institutions must immediately freeze assets where they suspect a match, review customer information to rule out false positives, and must not deal with or make funds or economic resources available to the designated person except under a legal exemption or licence. Frozen assets must be reported to the Financial Intelligence Unit (FIU), and suspected breaches or blocked attempted transactions must also be reported; screening must take account of entities owned or controlled directly or indirectly by a listed person. Non-compliance or attempts to circumvent sanctions is a criminal offence, and repeat reporting is not required where the institution has already reported frozen accounts or assets for the designated person. The notice points readers to an annex for the list of additions and to the Financial Sanctions General Guidance for information on false positives and delistings.
The Treasury (Isle of Man) 2025-10-15
Isle of Man Treasury publicises 39 new Russia sanctions entries now subject to asset freeze and trust services restrictions
The Isle of Man Treasury updated the UK Sanctions List under the Russia sanctions regime, adding 39 new designations subject to asset freeze and trust services sanctions. Relevant entities must freeze assets, review customer information, and report to the Financial Intelligence Unit, with non-compliance constituting a criminal offence. The notice includes an annex with the new designations and guidance on false positives and delistings.