Isle of Man Treasury publicises Russia sanctions update adding nine asset-freeze designations and 101 specified vessels

The Isle of Man Treasury issued a notice publicising the Foreign, Commonwealth and Development Office update to the UK Russia sanctions list that has effect in the Isle of Man, adding nine new designated entries and specifying 101 vessels. The new entries are subject to an asset freeze and trust services sanctions, while the vessels are subject to shipping sanctions. Firms that suspect they are holding or otherwise dealing with funds or economic resources of a designated person must freeze assets immediately, check information held 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 and suspected breaches or blocked attempted transactions must be reported to the FIU, although previously reported frozen accounts or resources do not need to be reported again. Specified ships are prohibited from entering UK and Isle of Man ports, may be given movement or port entry directions and can be detained, and will be refused registration on the UK and Isle of Man ship registers or have existing registration terminated; the Oil Price Cap exception is not applicable to services relating to specified ships or to the supply or delivery of Russian oil or oil products in specified ships.