Isle of Man's The Treasury issued a notice publicising an amendment to one UK Sanctions List entry under the Russia sanctions regime as it applies in the Isle of Man. The entry for German Valentinovich Belous (UK Sanctions List Ref RUS0846) has been updated but he remains designated and subject to an asset freeze, with trust services sanctions also applying. The revised statement of reasons now treats Belous as an “involved person” on the basis that he obtained a benefit from or supported the Government of Russia by working as a director, trustee, or other manager of an entity operating in a sector of strategic significance, namely the Russian financial services sector, replacing earlier wording linked to his role at Novikombank and alleged support to Russian Helicopters. The notice reiterates that where institutions suspect a match they must freeze assets immediately, avoid dealing with or making assets available unless covered by an exemption or licence, and report frozen assets and suspected breaches or blocked attempted transactions to the FIU, including where relevant through ownership or control links.
The Treasury (Isle of Man) 2025-10-16
Isle of Man's The Treasury publicises amended UK Russia sanctions listing for German Valentinovich Belous
The Treasury of the Isle of Man amended a UK Sanctions List entry under the Russia sanctions regime, affecting German Valentinovich Belous (Ref RUS0846), who remains designated with an asset freeze and trust services sanctions. Belous is now classified as an "involved person" due to his role in the Russian financial services sector, replacing previous links to Novikombank and Russian Helicopters. Institutions must freeze assets immediately upon suspecting a match and report to the Financial Intelligence Unit.