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General Trade License – Vessels – IOM/2022/GTL001
The Treasury Department has the authority to issue general licenses for financial and trade sanctions regimes under a series of regulations.
On 22 August 2024, the Treasury issued General Trade Licence IOM/2022/GTL001 pursuant to Regulation 65 of the Russia Sanctions (Withdrawal from the European Union) Regulations 2019 (the Regulations) for use in the Isle of Man under the Sanctions (UK Sanctions Implementation) Regulations made under the Sanctions Act 2024. The Regulations allow for the provision of technical assistance, financial services and funding and brokerage services in relation to ships.
This Licence has been amended to include the following provisions in Schedule 3DA to the Regulations for income producing goods; import, supply and delivery to third countries, technical assistance, financial services and funds and brokerage services, subject to the wider limitations and conditions in the Licence.
Anyone who wants to rely on the licence must provide details to the Treasury within 30 days of first using the licence.
For guidance on exporting or doing business in Russia, please contact Joint Export Control Unit.
For more detailed information on the Russian sanctions regime, see Sanctions and Export Controls Page on the Isle of Man Government website.
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