The Isle of Man Treasury issued a notice publicising the addition of four entries to the UK Sanctions List under the Russia sanctions regime, which has effect in the Isle of Man via the Sanctions (Implementation of UK Sanctions) Regulations 2024. The new listings are subject to an asset freeze and trust services sanctions. Where an institution suspects a person or entity is a match and holds or otherwise deals with their funds or economic resources, it must freeze assets immediately, check against the UK Sanctions List to avoid false positives, and not deal with or make assets available unless a legal exemption or licence applies. Frozen assets must be reported to the Financial Intelligence Unit, and suspected sanctions breaches or blocked attempted transactions should also be reported; failure to comply or attempts to circumvent sanctions are criminal offences. Screening should also consider whether a corporate entity is owned or controlled, directly or indirectly, by a person on the UK Sanctions List.
The Treasury (Isle of Man) 2025-12-04
Isle of Man Treasury highlights four new Russia sanctions listings subject to asset freeze and trust services restrictions
The Isle of Man Treasury announced the addition of four entries to the UK Sanctions List under the Russia sanctions regime, effective via the Sanctions (Implementation of UK Sanctions) Regulations 2024. These listings entail an asset freeze and trust services sanctions. Institutions must freeze assets immediately if a match is suspected, report to the Financial Intelligence Unit, and ensure compliance to avoid criminal offences.