This news release is issued to publicise the removal of 1 entry and correction of 1 entry 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 [S.D. 2020/0504].
On 20 July 2023 the Foreign, Commonwealth and Development Office updated the UK Sanctions List. This list provides details of those designated under sanctions legislation.
Deleted information appears in [square brackets]. Additional information appears in italics.
Removal
The following entry has been removed from the Consolidated List and is no longer subject to an asset freeze or trust services sanctions:
- TINKOV, Oleg Yurievich
Name (non-Latin script): Олег Юрьевич Тиньков
DOB: 25/12/1967. POB: Polysayevo, Russia Nationality: Russia Position: (1) Former stakeholder in TCS Group Holdings PLC (2) Founder of Tinkoff Bank Other Information: (UK Sanctions List Ref):RUS1098. Financial sanctions imposed in addition to an asset freeze: Trust services. Date trust services sanctions imposed: 21/03/2023. (UK Statement of Reasons):Oleg TINKOV is a prominent Russian businessman. TINKOV has been involved in obtaining a benefit from or supporting the Government of Russia as a previous owner or controller (directly or indirectly) and director, or equivalent, of TCS Group Holding PLC and its holding Tinkoff Bank, which are, and have been, entities carrying on business in the financial sector – a sector of strategic significance to the Government of Russia. (Gender):Male Listed on: 24/03/2022 UK Sanctions List Date Designated: 24/03/2022 Last Updated: [21/03/2023] 20/07/2023 Group ID: 15041.
Correction
The following entry has been corrected and is still subject to an asset freeze and trust services sanctions:
- SUN SHIP MANAGEMENT (D) LTD
Other Information: (UK Sanctions List Ref):RUS1853. Financial sanctions imposed in addition to an asset freeze: Trust services. Date trust services sanctions imposed: 18/05/2023. (UK Statement of Reasons): Sun Ship Management (D) Ltd is an involved person within the meaning of the Russia (Sanctions) (EU Exit) Regulations 2019 because 1) Sun Ship Management (D) Ltd is an entity carrying on business in a sector of strategic significance to the Government of Russia, namely, the transport sector; and 2) Sun Ship Management is involved in providing financial services, or making available funds, economic resources, goods or technology, that could contribute to destabilising Ukraine or undermining or threatening the territorial integrity, sovereignty or independence of Ukraine. (Phone number):+971555293561 (Website):https://sunshipmanagement.com/ (Email address):ssm@sunshipmanagement.com (Type of entity):Limited Company Listed on: 19/05/2023 UK Sanctions List Date Designated: 18/05/2023 Last Updated: [17/07/2023] 20/07/2023 Group ID: 15914.
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.
