On Jan. 30, IOM GVT published Russia general license re wind down.
IOM GVT issued an overview of license IOM/2025/RUS044 on oil majors wind down.
Issued under reg 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.
Overview of License
Allows for a wind down period of positions involving Gazprom Neft and PJSC Surgutneftegas or any entity owned/controlled by Gazprom Neft, PJSC Surgutneftegas.
Under this license a person may wind down or divest from any transactions involving a DP to which that person is a party, including the closing out of any positions.
A person, UK institution, or DP can carry out any activity necessary to effect this.
Effectiveness
The general license takes effect from the date of issue and expires at 9am on Jul. 29, 2025 and may be varied, revoked or suspended by the treasury at any time.
