The Russia (Sanctions) (EU Exit) Regulations 2019

[F1[F2Enabling others to divest themselves of funds or economic resourcesU.K.

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9DC.—(1) To enable anything to be done by a UK entity in order to enable another person (“B”) to undertake a relevant transfer.

(2) In sub-paragraph (1), a “relevant transfer” means a transfer of funds or economic resources located in Russia and owned, held or controlled by B, to a person concerned, in order to enable B to divest itself, either wholly or partially, of those funds or economic resources.

(3) Where sub-paragraph (4) applies, to enable anything to be done by a UK entity in order to enable B to acquire from a person concerned an interest in B held by the person concerned.

(4) This sub-paragraph applies where—

(a)the sole consideration for that acquisition is a transfer of funds from B to the person concerned;

(b)such funds are credited to—

(i)a frozen account held by a relevant institution; or

(ii)an account held by a non-UK credit or financial institution in a non-UK country; and

(c)where paragraph (b)(ii) applies, the law of that non-UK country—

(i)contains relevant and appropriate—

(aa)prohibitions corresponding to those in Part 3 of these Regulations; and

(bb)exceptions corresponding to those in Part 7 of these Regulations; and

(ii)where relevant or appropriate, allows for licences to be granted on grounds corresponding to those in this Schedule.]]

Textual Amendments