The Isle of Man Treasury issued a notice publicising an amendment to one entry under the Republic of Belarus sanctions regime as it applies in the Isle of Man through the Sanctions (Implementation of UK Sanctions) Regulations 2024. The UK Foreign, Commonwealth and Development Office updated the UK sanctions list on 19 March 2025, and the amended entry remains subject to an asset freeze. The updated designation relates to Alexander Vasilevich Shakutin (UK Sanctions List Ref: BEL0067), described as a longstanding associate of Alexander Lukashenko and a leading private enterprise owner in Belarus, with reasonable grounds to suspect his support for the regime could contribute to activities undermining democracy. The Treasury reiterated compliance expectations for matches to the UK sanctions list, including immediately freezing relevant funds or economic resources, avoiding making assets available without a legal exemption or licence, and reporting frozen assets and suspected breaches or blocked transactions to the Financial Intelligence Unit, noting that ownership or control by a listed person must also be considered.
The Treasury (Isle of Man) 2025-03-19
Isle of Man Treasury publicises amended Belarus sanctions listing for Alexander Vasilevich Shakutin
The Isle of Man Treasury announced an amendment to the Republic of Belarus sanctions regime, aligning with the UK sanctions list updated on 19 March 2025. The amendment concerns Alexander Vasilevich Shakutin, linked to the Belarusian regime, and maintains an asset freeze. Compliance requires freezing relevant assets, avoiding unauthorized transactions, and reporting to the Financial Intelligence Unit.