The Isle of Man: New Sanctions on Russia Are Needed

The Isle of Man will face reputational damage and strain on its relationship with the UK if it fails to adopt new sanctions against Russia. Updated measures targeting Russia and Iran will be presented to Tynwald, aligning the island with the UK’s stance. The intensified sanctions against Russia aim to disrupt its war efforts, putting restrictions on the import, acquisition, supply, and delivery of diamonds and diamond jewelry from Russia. Financial institutions on the Isle of Man will be prohibited from processing sterling payments involving Russian state-owned banks.

These new sanctions will extend the initial measures introduced in 2022, aligning with recent amendments in the UK implemented in December 2023. Additionally, sanctions against Iran involve asset freezes, a ban on the export of military goods, and restrictions on military technology. Failure to implement these regulations may bring about negative consequences for the Isle of Man, including reputational damage and strained relations with the UK. Non-compliance may lead to discrepancies in the list of sanctioned individuals and entities, creating uncertainty for local businesses and individuals regarding their obligations. Therefore, it is crucial for the Parliament of the Isle of Man to enforce sanctions on the Kremlin, undermining its ability to fund the ongoing war in Ukraine.

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