European offshore centre joins sanctions against Belarusian authorities

The news release of the Isle of Man Government is issued in respect of the asset-freezing measures taken against Aliaksandr Lukashenka and his clique.
Having taken into account that the EU Council amended the 2006 Council Regulation to extend the restrictive measures against Belarus until 31 October 2013 the authorities of the Isle made a decision to slap sanctions on Belarus as well.
“Financial institutions and other persons are required to check whether they maintain any accounts or otherwise hold any funds, financial assets, economic benefits and economic resources for the persons named and if so, they should freeze the accounts or funds and report their findings to the Sanctions Officer. Where a relevant institution has already reported details of accounts, other funds or economic resources held frozen for the designated person they are not required to report these details again,” the governmental web site warns.
The list of the blacklisted persons and enterprised can be found here.
Over 240 persons loyal to the unsavory regime of Aliaksandr Lukashenka are currently forbidden from entering the EU or doing business there. The European black list includes Uladzimir Peftsiyev and Yuri Chyzh, two oligarchs said to be the President’s bag-men, as well as an embargo on arms to Belarus and on goods that could be used for internal repression.
The Isle of Man is a self-governing British Crown Dependency, located in the Irish Sea between the islands of Great Britain and Ireland within the British Isles. The Isle of Man holds neither membership nor associate membership of the European Union. It is noteworthy that offshore banking is one of the key sectors of its economy.
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