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Island mirrors UK sanctions on Russia

Banks and individuals see UK-held assets frozen

The Isle of Man has updated its Russia sanctions guidance to mirror the moves announced by the British Government.

The sanctions involve the freezing of UK held assets in five Russian Banks and those of three wealthy individuals. They have been imposed as a result of Russian aggression towards its neighbour the Ukraine.

UK Prime Minister Boris Johnson says the sanctions represent the first barrage of what the UK is prepared to do.

Five Russian banks are affected along with three very high net worth individuals who are banned from travelling to Britain.

Under the terms of the sanctions all Isle of Man and UK individuals and entities are prohibited from having any dealings with the individuals or corporate organisations named within the sanctions notice.

Boris Johnson says he's using new and unprecedented powers granted by the House of Commons to target entities and individuals of strategic importance to the Kremlin.

You can read the Treasury's release here.

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