The Treasury of the Isle of Man has issued three General Licences under the Russia (Sanctions) (EU Exit) Regulations 2019, as applied in the Isle of Man by the Sanctions (Implementation of UK Sanctions) Regulations 2024. These licences, numbered IOM/2025/RUS046, IOM/2025/RUS047, and IOM/2025/RUS048, facilitate specific financial and trade activities involving Russian entities. General Licence IOM/2025/RUS046 permits the winding down of transactions with PJSC Lukoil Oil Company, PJSC Rosneft Oil Company, and their subsidiaries. General Licence IOM/2025/RUS047 allows for the winding down of transactions with several energy entities, including Nayara Energy Limited and others. General Licence IOM/2025/RUS048 enables the continuation of business operations related to Exempt Projects with specified subsidiaries. Each licence includes detailed definitions, permissions, and usage requirements, which must be consulted by any person intending to use them. The licences also outline notification and record-keeping obligations and clarify that they do not authorize actions that would breach the regulations unless specifically permitted. Further information on the sanctions regime is available on the Isle of Man Government website.

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