The Isle of Man Treasury issued a notice highlighting updates to the UK sanctions list under the Russia sanctions regime as it applies in the Isle of Man, covering 67 new designations, one amended entry and 40 newly specified vessels. The measures trigger financial sanctions including asset freezes and services restrictions, alongside shipping sanctions for the specified ships. The update adds OJSC Keremet Bank to the consolidated list, making it subject to an asset freeze, trust services sanctions and a prohibition on correspondent banking and clearing. A further 66 entries were added subject to an asset freeze and trust services sanctions, and TSARGRAD OOO was varied so that it remains subject to an asset freeze and trust services sanctions and is now also subject to internet services sanctions. The notice reminds relevant parties that suspected matches require immediate asset freezes, a review to avoid false positives, and reporting of frozen assets and suspected breaches to the Financial Intelligence Unit. For specified ships, the regime prohibits port entry in the UK and Isle of Man, allows movement or port entry directions and detention, bars registration on the UK and Isle of Man ship registers (or enables termination of existing registration), and disapplies the Oil Price Cap exception for services relating to specified ships.
The Treasury (Isle of Man) 2025-02-24
Isle of Man Treasury publicises UK Russia sanctions update adding 67 designations and specifying 40 vessels
The Isle of Man Treasury updated the UK sanctions list under the Russia sanctions regime, adding 67 new designations, amending one entry, and specifying 40 vessels. Key measures include asset freezes, trust services sanctions, and shipping restrictions, with OJSC Keremet Bank and TSARGRAD OOO facing additional sanctions. The notice emphasizes immediate asset freezes for suspected matches and mandates reporting to the Financial Intelligence Unit.