The Isle of Man Treasury has issued a Russia sanctions general licence that allows, subject to conditions, transactions related to agricultural commodities, including the provision of insurance and other services, under the Isle of Man’s implementation of the Russia (Sanctions) (EU Exit) Regulations 2019. The licence permits Relevant Exporters and Trade Licence Holders to receive funds and economic resources from any person, including designated persons, and to transfer funds or economic resources to Relevant Institutions, Insurance Providers, Relevant Island Nationals, Isle of Man corporates, designated persons and others where connected to the export, sale, production and transport of agricultural commodities. Relevant Institutions, Insurance Providers, Isle of Man corporates and Relevant Island Nationals may make funds or economic resources available, deal with funds or economic resources including processing payments, and provide insurance, reinsurance, underwriting and other financial services in connection with such transactions. Designated persons are permitted to pay for insurance and reinsurance services and banking fees via Relevant Institutions or Insurance Providers, and to send or receive funds or economic resources connected to agricultural commodity exports, sales or production. Separate provisions also allow The Grain and Feed Trade Association to receive funds and economic resources for services related to contracts for trade in agricultural commodities and to obtain professional indemnity insurance, with the licence stating that notification requirements do not apply to the GAFTA-specific permissions. Notification and record-keeping requirements for designated persons, other persons and Relevant Institutions are set out in the general licence, and users are directed to the full text for detailed conditions and usage requirements.

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