The Treasury advises that on 29 September 2026, the UK will amend the Iran (Sanctions) (Nuclear) (EU Exit) Regulations 2019, and the Iran (Sanctions) Regulations 2023 using the following statutory instrument:
UK sanctions provisions have effect on the Isle of Man by the Sanctions (Implementation of UK Sanctions) Regulations 2019, which are made under the Sanctions Act 2024. The statutory instrument introduces the following changes that are relevant to the Isle of Man’s implementation of UK sanctions.
The measures reinforce the UK’s commitment to applying sustained economic pressure on Iran both domestically and internationally, while closing gaps in existing sanctions regimes.
Changes to the 2019 Regulations
Expand the existing financial and trade restrictions
The Secretary of State can now designate individuals and entities under newly introduced provisions, broadening the scope of who can be sanctioned.
Prohibitions have been introduced on Investments made in Iran , maintaining banking relationships with Iranian entities, providing insurance and reinsurance linked to Iran, financial assistance to the Iranian government or public bodies, and trading in Iranian sovereign bond. This is to strengthen financial pressure and isolate Iran from international financial systems.
Restrictions have expanded over gold, precious metals and diamonds. Energy-related goods and technology, software and related technology (sectoral controls), oil, petroleum products, petrochemicals, and natural gas, ships and associated goods. The prohibitions also apply to services linked to certain ships.
New restrictions applied to Iranian aircraft and specified ships which extends sanctions into transport and logistics networks.
New changes to exceptions and licensing rules with strengthened enforcement provisions, including maritime enforcement.
Introduction of detailed lists specifying controlled goods and technologies
Changes to the 2023 Regulations
The amendments to the 2023 Regulations focus particularly on maritime and service-related sanctions
Introduction of ships licensing framework. A new ‘ships licence’ is defined.
Restrictions apply both within and outside UK territory. This extends the global reach of UK sanctions.
Expanded designation powers enables sanctions against individuals connected to new ship-related measures.
New service and technical assistance bans
Prohibits:
- Provision of technical assistance
- Services linked to specified ships
This restriction cuts off operational and logistical support to targeted vessels.
Restrictions on ship use and registration
Prohibits:
- Chartering or operating certain ships
- Registering specified ships
Impacts directly targets maritime activity linked to Iran
Updates what qualifies as ‘relevant activity’ and expands scope of ship-related sanctions.
Amendments to licensing, exceptions, and enforcement provisions to reflect new restrictions. This ensures the regime is enforceable and aligned with the expanded sanctions.
Failure to comply with financial and trade sanctions legislation or to attempt to circumvent its provisions is a criminal offence.
Further information can be found in the Explanatory Memorandum which accompanies the UK Regulations.
