Russia sanctions: Isle of Man firms told to freeze linked assets
EPAIsle of Man firms have been told to freeze Russian assets they hold in line with sanctions imposed by the UK.
Three men and five banks have been targeted after the government mirrored the response announced by UK Prime Minister Boris Johnson on Tuesday.
It comes after Russian President Vladimir Putin ordered troops into rebel-held regions of Ukraine.
Treasury Minister David Ashford said the island "takes its international obligations seriously".
The move follows similar steps taken in the Channel Islands.
Manx finance companies have been instructed to freeze any funds and stop providing financial services related to any of the banks or individuals covered in the latest sanctions.
The Treasury said findings must be shared with the government's Financial Intelligence Unit unless they have already been reported.
Mr Ashford said the Manx government would "continue to mirror the UK in relation to international sanctions", including any further measures taken.
Who and what are being targeted by sanctions?
- Billionaire Gennady Timchenko, who has wide business interests in energy, transportation and construction via his Volga investment group and who is a major shareholder in the privately-owned bank Rossiya, which has also been sanctioned
- Igor Rotenberg, the majority shareholder in the Gazprom Drilling company, and his uncle, Boris Rotenberg, the co-owner of the SGM group, the largest construction company for gas pipelines and electrical power supply lines in Russia
- The Crimea-based Black Sea Bank, which was created in 2014 after Russia annexed the region, and General Bank
- Russian state-owned bank Promsvyazbank, which the UK government says provides funding to Russia's military
The BBC's Business correspondent Theo Leggett said the UK was not targeting the biggest banks but banks known to be used by President Putin's inner circle.
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