The Isle of Man Treasury issued a sanctions update noting that the UK Foreign, Commonwealth and Development Office has added 24 individuals and entities to the UK Sanctions List under the Russia sanctions regime, which has effect in the Isle of Man via the Sanctions (Implementation of UK Sanctions) Regulations 2024 made under the Sanctions Act 2024. The new entries are subject to an asset freeze and trust services sanctions. Firms are expected to identify potential matches through their sanctions compliance programmes and, where they hold or otherwise deal with funds or economic resources of a listed person, immediately freeze those assets and confirm whether the match is true or a false positive. Once a true match is confirmed, assets must not be dealt with or made available to, or for the benefit of, the designated person unless a legal exemption applies or a licence is in place, and frozen assets must be reported to the Financial Intelligence Unit; suspected breaches or blocked attempted transactions must also be reported. The notice reiterates that non-compliance or attempts to circumvent sanctions are criminal offences and that previously reported frozen holdings do not need to be reported again.
The Treasury (Isle of Man) 2025-12-18
Isle of Man Treasury publicises 24 new UK Russia sanctions designations triggering asset freeze and trust services restrictions
The Isle of Man Treasury announced a sanctions update after the UK Foreign, Commonwealth and Development Office added 24 individuals and entities to the UK Sanctions List under the Russia sanctions regime. These entries face asset freeze and trust services sanctions, requiring firms to identify matches and freeze assets if confirmed. Non-compliance or attempts to circumvent sanctions are criminal offences, and frozen assets must be reported to the Financial Intelligence Unit.