Isle of Man Treasury publicises seven new UK Russia sanctions designations subject to asset freeze and trust services restrictions

The Isle of Man Treasury published a sanctions notice highlighting the addition of seven entries to the UK Sanctions List under the Russia sanctions regime, making the newly designated individuals and entities subject in the Isle of Man to an asset freeze and trust services sanctions. The notice reiterates that the Russia (Sanctions) (EU Exit) Regulations 2019 take effect in the Isle of Man through the Sanctions (Implementation of UK Sanctions) Regulations 2024, made under the Sanctions Act 2024. Relevant institutions that identify a potential match through their sanctions screening must immediately freeze any funds or economic resources, verify whether the match is genuine or a false positive, and, where confirmed, refrain from dealing with or making assets available to the designated person unless a legal exemption applies or a licence has been obtained. Frozen assets and suspected breaches or blocked attempted transactions must be reported to the Financial Intelligence Unit, and the notice flags that non-compliance or circumvention is a criminal offence; it also notes that ownership or control (direct or indirect) must be considered when assessing whether a corporate customer is caught by the list.