The Treasury (Isle of Man) issued a notice highlighting an update to the UK sanctions list under the Russia sanctions regime that applies in the Isle of Man, amending one entry while maintaining an asset freeze and trust services sanctions. The amended entry relates to Michel Litvak (UK Sanctions List reference RUS2410), designated on 24 February 2025. The UK statement of reasons identifies him as an “involved person” on the basis that he owns or controls OTEKO, an entity operating in the Russian transport sector, described as a sector of strategic significance to the Government of Russia; trust services sanctions were imposed in addition to the asset freeze. The notice reiterates that where a person or entity is suspected to match a UK-sanctioned designation and funds or economic resources are held or dealt with, assets must be frozen immediately, not made available without a legal exemption or licence, and relevant reports and suspected breaches or blocked transactions must be made to the Financial Intelligence Unit (FIU).
The Treasury (Isle of Man) 2025-05-23
Isle of Man Treasury publicises amended UK Russia sanctions listing for Michel Litvak
The Treasury (Isle of Man) updated the UK sanctions list under the Russia sanctions regime, amending one entry while maintaining an asset freeze and trust services sanctions. The amendment concerns Michel Litvak, linked to OTEKO in the Russian transport sector. Entities must freeze assets immediately if suspected to match a UK-sanctioned designation and report to the Financial Intelligence Unit.