The Isle of Man is following the British government in placing sanctions on Russia in the wake of escalating tensions between the country and Ukraine.

On Tuesday (February 22), the Treasury added eight entries to the Russian sanctions regime.

The Russia (Sanctions) (EU Exit) Regulations 2019 (S.I. 2019/855) were made under the Sanctions and Anti-Money Laundering Act 2018 (the Sanctions Act) and provide for the freezing of funds and economic resources of certain persons, entities or bodies involved in destabilising Ukraine or undermining or threatening the territorial integrity, sovereignty or independence of Ukraine, or obtaining a benefit from or supporting the Government of Russia.

The Russia (Sanctions) (EU Exit) Regulations 2019 have effect in the Isle of Man by the Russia Sanctions (Application) Regulations 2020.

The sanctions involve the freezing of UK held assets in five Russian Banks and those of three wealthy individuals.

The following entries have been added to the Russia sanctions regime and are now subject to an asset freeze: Gennadiy Nikolayevich Timchenko, Boris Romanovich Rotenberg, Igor Arkadyevich Rotenberg, Bank Rossiya, Black Sea Bank For Development and Reconstruction, Joint Stock Company Genbank, IS Bank and Public Joint Stock Company Promsvyazbank.

Financial institutions and other persons are required to check whether they maintain any accounts or otherwise hold funds or economic resources for, or provide financial services to, these designated individuals.

If so, they must freeze such accounts or other funds and, unless licensed by the Treasury, not deal with those funds or economic resources, and suspend the provision of any financial services.

They must also report your findings to the FIU.

Failure to comply with financial and trade sanctions legislation or to attempting to circumvent its provisions is a criminal offence.

Where a relevant institution has already reported details of accounts, other funds or economic resources held frozen for the designated person, you are not required to report these details again.

Further details of the sanctions regime related to Russia and links to other financial sanctions regimes may be found on the Customs and Excise pages of the Isle of Man Government website.

More sanctions could be announced in the coming days, given the developments in the region.

The EU only signed off its initial package of sanctions on Wednesday afternoon, but it is already getting ready to propose a second.

It was confirmed that G7 ministers would meet to discuss further sanctions yesterday (Thursday).

Speaking to Manx Radio on Wednesday, Treasury Minister David Ashford said: ’The international community is taking it very seriously and the Isle of Man has its part to play in that.

banks

’These sanctions are targeted at people who are linked very much with the current Russian administration and also banks that are very much linked with the Russian state.’

He added: ’Looking at the way things are going I would suspect there will be further sanctions coming forward.’

In the early hours yesterday, Russian military vehicles breached the border in a number of places, in the north, south and east, including from Belarus.

They have launched a full assault, with airstrikes confirmed in eight major cities and multiple casualties reported.

In a televised address, the British Prime Minister Boris Johnson described the invasion as an ’act of wanton and reckless agression’ stating the attack was not just on the Ukraine, but also on ’democracy and freedom’ around the world.

Several hundred pro-Ukraine supporters gathered on Whitehall in front of Downing Street yesterday afternoon.

NATO secretary general Jens Stoltenberg said allies from North America and Europe have already deployed thousands more troops to the eastern part of the alliance and had placed more on standby, while US President Joe Biden called a meeting of the US’s National Security Council.