The Treasury (Isle of Man) issued a notice highlighting updates to the UK sanctions list under the Russia sanctions regime as it has effect in the Isle of Man, comprising the removal of one designated individual and corrections to two designated entities’ entries. Farkhad Akhmedov has been removed from the Consolidated List and is no longer subject to an asset freeze or trust services sanctions. The entries for MCR GLOBAL ELEKTRONIK SANAYI VE TICARET LTD SIRKETI and POLY TECHNOLOGIES, INC were amended but remain subject to an asset freeze and trust services sanctions. The notice also reiterates required actions for suspected matches, including immediate asset freezing, avoiding dealings absent a legal exemption or licence, and reporting frozen assets and suspected breaches (including blocked attempted transactions) to the FIU.
The Treasury (Isle of Man) 2025-03-19
Isle of Man Treasury publicises UK Russia sanctions list update removing Farkhad Akhmedov and amending two entity entries
The Treasury (Isle of Man) updated the UK sanctions list under the Russia sanctions regime, removing Farkhad Akhmedov and amending entries for MCR GLOBAL ELEKTRONIK SANAYI VE TICARET LTD SIRKETI and POLY TECHNOLOGIES, INC. Akhmedov is no longer subject to asset freeze or trust services sanctions, while the amended entities remain under these sanctions. The notice emphasizes the need for immediate asset freezing and reporting suspected breaches to the Financial Intelligence Unit.