Isle of Man Treasury publicises eight new Russia sanctions designations now subject to asset freeze and trust services sanctions

The Isle of Man Treasury issued a notice confirming that eight entries have been added to the UK Consolidated List under the Russia sanctions regime, which has effect in the Isle of Man via the Sanctions (Implementation of UK Sanctions) Regulations 2024. The newly listed individuals and entities are subject to an asset freeze and trust services sanctions. The notice reiterates that the Russia regime can impose asset freezes and other financial and investment restrictions, as well as trade, immigration, aircraft and shipping sanctions. Relevant persons must immediately freeze assets where they suspect a match, check for false positives against the UK Sanctions List, avoid dealing with or making assets available to designated persons unless a legal exemption or licence applies, and report frozen assets and suspected breaches or blocked attempted transactions to the Financial Intelligence Unit, including where a corporate customer is owned or controlled directly or indirectly by a listed person.