The Isle of Man Treasury has issued General Licence IOM/2025/RUS044 under the Russia sanctions regime, permitting a time-limited wind-down and divestment of positions involving Gazprom Neft and PJSC Surgutneftegas, including entities they own or control. The licence allows a person to wind down or divest from transactions involving the designated persons, including closing out positions, and permits any activity reasonably necessary to effect this by a person, a relevant institution, or a designated person. It also sets out notification and record-keeping requirements and does not authorise activity that would result in funds or economic resources being made available in breach of the applicable Russia sanctions regulations, except as specifically permitted under the licence. The general licence takes effect from issuance and expires at 9am on 29 July 2025, and may be varied, revoked or suspended by the Treasury.
The Treasury (Isle of Man) 2025-01-29
Isle of Man Treasury issues Russia general licence allowing wind-down of dealings involving Gazprom Neft and PJSC Surgutneftegas
The Isle of Man Treasury issued General Licence IOM/2025/RUS044 under the Russia sanctions regime, allowing a time-limited wind-down and divestment of positions involving Gazprom Neft and PJSC Surgutneftegas. It permits necessary divestment activities, with notification and record-keeping requirements, but prohibits actions breaching Russia sanctions unless specifically allowed. The licence is effective immediately and expires on 29 July 2025.