The Isle of Man Treasury issued a sanctions update under the Russia regime as it applies in the Isle of Man, reflecting an update to the UK Sanctions List that amends one entity entry and removes one individual. The amended entity remains subject to an asset freeze and trust services sanctions, while the delisted individual is no longer subject to those measures for Manx financial sanctions purposes. The entry for BY INOVASYON TEKNOLOJI SANAYI VE TICARET LIMITED SIRKETI (also listed as BY INNOVATION TECHNOLOGY INDUSTRY AND TRADE CO. LTD), a Turkey-based entity (Unique ID RUS2288), was updated including to the UK statement of reasons, which now describes involvement through providing financial services or making available funds, economic resources, goods or technology that could contribute to destabilising Ukraine or undermining or threatening Ukraine’s territorial integrity, sovereignty or independence. Alexey Valeryevich Panferov (Unique ID RUS1023), Deputy Chairman of the Management Board of SOVCOMBANK, was removed from the list and is no longer subject to an asset freeze or trust services sanctions. The notice reiterates that where a sanctions screening process identifies a possible match, assets must be frozen immediately and, where a true match is confirmed, funds and economic resources must not be dealt with or made available absent a legal exemption or licence, with frozen assets and suspected breaches reported to the Financial Intelligence Unit. For delistings, firms should check for any frozen assets owned by the individual and unfreeze them for Manx financial sanctions purposes, while documenting any decision to retain a freeze for other regulatory reasons.
The Treasury (Isle of Man) 2026-02-06
Isle of Man Treasury publicises UK Sanctions List amendment for BY Inovasyon and delisting of Sovcombank executive
The Isle of Man Treasury updated its Russia sanctions list, amending the entry for BY INOVASYON TEKNOLOJI SANAYI VE TICARET LIMITED SIRKETI due to its involvement in activities potentially destabilizing Ukraine, while removing Alexey Valeryevich Panferov from the list, lifting asset freeze and trust services sanctions. The notice emphasizes immediate asset freezing upon a sanctions match and requires firms to unfreeze assets for delisted individuals unless retained for other regulatory reasons.