The Isle of Man Treasury publicised the addition of two entities to the UK sanctions list under the Russia sanctions regime as it applies in the Isle of Man, making both subject to an asset freeze and trust services sanctions. The UK Foreign, Commonwealth and Development Office updated the list to include PJSC SURGUTNEFTEGAS (UK Sanctions List Ref RUS2382) and GAZPROM NEFT (UK Sanctions List Ref RUS2383). The stated reasons for designation cite involvement through carrying on business in the Russian energy sector and business of economic significance to the Government of Russia. The Treasury reminded relevant institutions that if they suspect a match and hold or deal with funds or economic resources of a designated person, they must freeze assets immediately, avoid making assets available without an exemption or licence, and report frozen assets and suspected breaches or blocked transactions to the Financial Intelligence Unit, noting that non-compliance or circumvention is a criminal offence.
The Treasury (Isle of Man) 2025-01-10
Isle of Man Treasury adds PJSC Surgutneftegas and Gazprom Neft to UK Russia sanctions list with asset freeze and trust services sanctions
The Isle of Man Treasury added PJSC SURGUTNEFTEGAS and GAZPROM NEFT to the UK sanctions list under the Russia sanctions regime, subjecting them to asset freeze and trust services sanctions. These entities are designated due to their involvement in the Russian energy sector and economic significance to the Russian government. Institutions must freeze assets immediately if a match is suspected and report to the Financial Intelligence Unit, with non-compliance constituting a criminal offence.