The Isle of Man Treasury publicises UK Russia sanctions list amendments to three asset-freeze designations

The Isle of Man Treasury published a notice publicising an update to the UK sanctions list under the Russia sanctions regime as applied in the Isle of Man, amending three existing entries while keeping them subject to an asset freeze. The Russia (Sanctions) (EU Exit) Regulations 2019 apply in the Isle of Man via the Sanctions (Implementation of UK Sanctions) Regulations 2024 made under the Sanctions Act 2024. The amended entries are Yegor Yurievich Karasev (UK Sanctions List Ref: RUS2745), Anatoliy Moiseevich Cherner (RUS1907) and the Main Directorate of Deep-Sea Research of the Ministry of Defence of the Russian Federation, also known as GUGI (RUS2743). Each entry reflects updated identifying information and records that trust services sanctions apply in addition to the asset freeze, with the trust services measure shown as imposed on 17/06/2025 for Karasev and GUGI and 18/05/2023 for Cherner. Relevant institutions that suspect a match and hold or deal with the funds or economic resources of a designated person must freeze assets immediately, avoid dealing with or making assets available without a legal exemption or licence, and report frozen assets and suspected breaches or blocked transactions to the Financial Intelligence Unit. The notice also reiterates that sanctions breaches and attempts to circumvent sanctions are criminal offences and that previously reported frozen accounts do not need to be reported again.