Plane owned by F1 enthusiast is de-registered by Isle of Man.

A private jet owned by a Russian tycoon in the “closest circle to Vladimir Putin” has been effectively barred from European airspace after its registration was removed by the Isle of Man authorities.

The Gulfstream G650 aircraft, which belongs to Dmitry Mazepin, is currently in Moscow, but the decision means it cannot fly within the European Union.

It is one of 14 private jets with Russian connections sanctioned by the government of the Isle of Man, an offshore centre that has been popular with the country’s wealthy elite for the past 20 years.

A spokesman for the island said the registration for the plane, with the call sign M-INSK, has been cancelled by the Isle of Man Aircraft registry (IOmar).

He said: “If the UK sanctions an individual (as a Crown Dependency regulator) the Iomar is duty bound to act appropriately in accordance with such measures and under these circumstances an aircraft would be de-registered.

“Some connections with Russia have been identified and these are now being reviewed as a matter of utmost priority with a view to taking all appropriate steps that support the coordinated international response.

“Iomar has acted proactively and robustly and thus far has cancelled the registration of 14 aircraft. Further de-registrations may follow as the wider situation evolves and as more information becomes available”

Mr Mazepin, who has been trying to buy the Formula One racing team Haas and whose son was previously an F1 driver, has been sanctioned by the EU which described him as “a member of the closest circle of Vladimir Putin”.

The billionaire owns fertiliser companies Uralchem and Uralkali which have been given generous loans through the Russian state banks Sberbank and VTB.

He has met Mr Putin on many occasions at the Kremlin and is a former representative of the president’s United Russia Party in the Kirov region.

Mr Mazepin was earlier this year accused in an Irish court of conducting a decade-long corporate raid against a rival fertilizer company TogliattiAzot (Toaz) using a series of illegal tactics, according to court documents.

In 2014 a Westminster magistrates judge rejected an extradition request against one of Toaz’s former managers and called Mazepin “a corporate raider” in his attempts to seize the rival competitor.

Last week the Irish law firm William Fry refused to represent Mazepin and dropped him as a client.

The Telegraph made repeated attempts to ask Mr Mazepin’s representatives for comment.