Isle of Man deregistering all Russian yachts

Alasdair Whyte
By Alasdair Whyte March 16, 2022 13:07

Isle of Man deregistering all Russian yachts

The Isle of Man Ship Registry is stopping business with all Russian and Belarusian customers. This applies even if individuals or corporates are not on a sanctions list.

The registry has already cancelled registrations on yachts and ships linked with UK and EU sanctions lists.

“The Air and Ship Registries have been acting proactively and rapidly to halt business with Russian connections above and beyond those already sanctioned on the UK’s lists,” said Dr Alex Allinson MHK, Minister for Enterprise. “Since the start of the conflict we have been working to remove aircraft and ships/yachts with Russian connections and a detailed review is already underway in partnership with relevant agencies to establish any further connections with Russia and ensure that appropriate steps are taken in a robust and timely fashion.”

The Isle of Man Aircraft Registry and Ship Registry have publicly available registers of aircraft and vessels. It also already agrees to automatic exchange of information with many countries. The Isle of Man has also committed to a public register of beneficial ownership.

“The Island has a solid track record of acting swiftly and decisively when it comes to sanctions,” said Minister Allinson. “Many countries around the world will be facing similar challenges as the situation rapidly develops. The Isle of Man has a proven track record in supporting global standards of transparency and we are taking additional steps to ensure we can take extensive action against any Russian linked business. We will help to strengthen the resolve of the international response.”

Alasdair Whyte
By Alasdair Whyte March 16, 2022 13:07