On Dec. 5, IOM GVT published Russia general license re legal fees.
IOM GVT published an overview of license IOM/2024/RUS043, issued Nov. 2, 2024, under regulation 64 of Russia sanctions (EU exit) regulations 2019, as they have effect in the Isle of Man by the Sanctions (implementation of UK sanctions) regulations 2024.
Summary
Any persons intending to use general license IOM/2022/RUS043 should consult the copy of the license for full details of the permissions and usage requirements.
General license IOM/2022/RUS043 allows payments to be made for legal professional fees and expenses associated with the provision of legal services.
Under license IOM/2024/RUS043 provided that one set of conditions in one of parts A or B of general license are complied with in full, any person/relevant institution may receive payments from DP; make payments (directly or indirectly) for/on behalf of DP.
Make payments for benefit of DP; process payments which relate to DP; any person or institution may carry out other act which is reasonably necessary to give effect to this.
Any activity conducted under license IOM/2024/RUS043 must be reported to treasury within 14 days, with details and supporting evidence requested in Pt A or Pt B.
Effectiveness
The general license takes effect from the date of issue and expires on Apr. 28, 2025 and may be varied, revoked or suspended by the treasury at any time.
