This news release is issued to publicise the amendment of 1 entry 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 6 February 2024 the Foreign, Commonwealth and Development Office updated the UK Sanctions List. This list provides details of those designated under sanctions legislation.
Amendment
Deleted information appears in [square brackets]. Additional information appears in italics.
The following entry has been amended and is still subject to an asset freeze and trust services sanctions:
Individual
- MASHTALYAR, Oleg Alexandrovich
Name (non-Latin script): Олег Александрович Машталяр
DOB: 28/09/1971. Nationality: Russia Passport Number: [717545622] 759581476 Passport Details: Russia Position: [Vice Chairman of the Management Board of SOVCOMBANK] Former Deputy Chairman of Sovcombank Other Information: (UK Sanctions List Ref): RUS1022. Financial sanctions imposed in addition to an asset freeze: Trust services. Date trust services sanctions imposed: 21/03/2023. (UK Statement of Reasons): [Oleg Alexandrovich MASHTALYAR is a Vice Chairman of the Management Board of SOVCOMBANK. In his role, MASHTALYAR is a member of and associated with SOVCOMBANK. SOVCOMBANK is an involved person under the Russian (EU Exit) (Sanctions) regulations 2019.] Oleg Alexandrovich MASHTALYAR has been involved in obtaining a benefit from or supporting the Government of Russia by working as a director (whether executive or non-executive), trustee, or other manager or equivalent of Sovcombank, an entity which is carrying on business in sectors of strategic significance to the Government of Russia, namely the Russian financial services sector. (Gender): Male Listed on: 04/05/2022 UK Sanctions List Date Designated: 04/05/2022 Last Updated: [21/03/2023] 06/02/2024 Group ID: 15353.
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.
