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Updates on Russia (Sanctions) in the Virgin Islands

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Key Points

The following are the key updates from a lengthy document regarding Russia (Sanctions) in the Virgin Islands.

General Licence Reminder

  • The Governor’s Office has issued a General Reminder regarding General Licence [No. 4] 2023, which allows for the maintenance of economic resources.

General Licence [No. 5] 2023

  • This licence permits payment of reasonable professional legal fees and expenses.
  • It was granted under regulations related to Russia and Belarus sanctions.

Red Alert on Exporting High Risk Goods

  • The Office of Financial Sanctions Implementation HM Treasury has issued a Red Alert, which can be found here.

Russia (Sanctions) (Overseas Territories) (Amendment) Order 2024

  • This order came into force in the Virgin Islands on March 14th, 2024.
  • It can be seen in the attached Notice.

General Licence [No. 6] 2024

  • The Governor’s Office issued this licence to permit payment of reasonable professional legal fees and expenses under Russia and Belarus sanctions regulations.

Reporting Requirement

  • Those using the General Licence must report in writing to the Governor.
  • Preferably by email to [email protected].

Update on UK Sanctions List

  • The Foreign Commonwealth and Development Office has updated its guidance on the UK Sanctions List.
  • Including a ban on ships under the Russia sanctions regime.

Revocation and Re-specification of Ships

  • The Foreign Commonwealth and Development Office has also published an update on the revocation and re-specification of 17 ships under the Russia sanctions regime.