The Isle of Man has today suspended all forms of tax co-operation with Russia following consultation with the UK Government.
The Isle of Man complies fully with all international tax standards, which includes exchanging information for tax purposes with many countries.
As a party to the Convention on Mutual Administrative Assistance in Tax Matters, the island has a legal basis on which to exchange tax information with Russia.
In the current circumstances, and the imposition of sanctions, it is deemed inappropriate to continue to share information with Russia under the Cconvention.
Treasury Minister David Ashford MHK said: ‘As a consequence of its military activity in Ukraine, the Isle of Man will not assist Russia in any way. The island been a consistent and strong supporter of international information exchange for tax purposes as a tool for combatting tax evasion and aggressive avoidance.
‘It would, however, be wrong to provide information to Russia that could be used for its economic benefit at a time when the Island has imposed economic sanctions.’