This news release is issued to publicise the addition of 1 entry and amendment of 27 entries under 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 [S.D. 2020/0504].
On 15 December 2023 the Foreign, Commonwealth and Development Office updated the UK Sanctions List. This list provides details of those designated under sanctions legislation.
Addition
Deleted information appears in [square brackets]. Additional information appears in italics.
The following entry has been added to the Consolidated List and is now subject to an asset freeze, trust services sanctions, and prohibitions on correspondent banking, etc:
- JOINT-STOCK COMMERCIAL BANK NOVIKOMBANK
Name (non-Latin script): Акционерный Коммерческий Банк НОВИКОМБАНК
Address: BUILDING 50/1, BUILDING 1, POLYANKA STREET B, MOSCOW, Russia, 119180. Other Information: The prohibition on correspondent banking relationships etc. measure was imposed on 15/12/2023. (UK Sanctions List Ref):RUS2057. Financial sanctions imposed in addition to an asset freeze: Correspondent banking relationships etc. Trust services. Date trust services sanctions imposed: 15/12/2023. The prohibition on correspondent banking relationships etc. was imposed on 15/12/2023. (UK Statement of Reasons): NOVIKOMBANK is an involved person under the Russia (Sanctions) (EU Exit) Regulations 2019 on the following ground: NOVIKOMBANK is involved in obtaining a benefit from or supporting the Government of Russia through carrying on business in a sector of strategic significance to the Government of Russia, namely the Russian financial services sector. (Type of entity):Joint-Stock Company (JSC) (Business Reg No):Russia INN – 7706196340 Listed on: 15/12/2023 UK Sanctions List Date Designated: 15/12/2023 Last Updated: 15/12/2023 Group ID: 16337.
Amendment
27 entries have been amended and are still subject to sanctions. Further information can be found in the annex to this Notice.
What you must do
Financial institutions and other persons are required to check whether you maintain any accounts or otherwise hold funds or economic resources for, or provide financial services to, designated individuals. If so, you must freeze such accounts or other funds and, unless licensed by the Treasury, not deal with those funds or economic resources, make those funds or economic resources available to a designated person, or make those funds or economic resources available for the benefit of a designated person. You 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 information
Consequently the Foreign, Commonwealth and Development Office updated the Consolidated List. This list provides details of those designated under sanctions legislation.
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.
