The Russia (Sanctions) (Overseas Territories) (Amendment) Order 2022

Amendment of the Russia (Sanctions) (Overseas Territories) Order 2020

34.  For paragraph 38 substitute—

“38.   For regulation 64 (Treasury licences) substitute—

“Financial sanctions licences

64.— (1) The prohibitions in Chapters 1 and 2 of Part 3 (Finance) do not apply to anything done under the authority of a licence issued by the Governor under this paragraph.

(2) Without prejudice to the generality of the powers conferred by paragraph (1), a financial sanctions licence issued by the Governor may, in particular, authorise acts which would otherwise be prohibited by any of regulations 11 to 17A (financial restrictions) for a particular period beginning with—

(a) the coming into force of the prohibition, or

(b) where the prohibition relates to a person designated for the purposes of regulations 11 to 15 (asset-freeze etc.) or regulation 17A (correspondent banking relationships etc.), the date on which the person was designated.

(3) The Governor may issue a financial sanctions licence which authorises acts by a particular person only—

(a) in the case of acts which would otherwise be prohibited by regulations 11 to 15, where the Governor considers that it is appropriate to issue the licence for a purpose set out in Part 1 (Asset-freeze etc.) of Schedule 5 (Financial sanctions licences: purposes),

(b) in the case of acts which would otherwise be prohibited by regulation 17 (loans and credit arrangements), where the Governor considers that it is appropriate to issue the licence for a purpose set out in Part 1A (Loans and credit arrangements) of Schedule 5,

(c) in the case of acts which would otherwise be prohibited by regulation 17A, where the Governor considers that it is appropriate to issue the licence for a purpose set out in Part 1B (Correspondent banking relationships etc.) of Schedule 5,

(d) in the case of acts which would otherwise be prohibited by regulation 17A(2) (sterling payments etc.), where the Governor considers that it is appropriate to issue the licence for a purpose set out in Part 1C (Sterling payments etc.) of Schedule 5,

(e) in the case of acts which would otherwise be prohibited by regulation 18 (investments in relation to non-government controlled Ukrainian territory), where the Governor considers that it is appropriate to issue the licence for a purpose set out in Part 2 (Investment in non-government controlled Ukrainian territory) of Schedule 5, and

(f) in the case of acts which would otherwise be prohibited by regulation 18A (provision of financial services relating to foreign exchange reserve and asset management), where the Governor considers that it is appropriate to issue the licence for a purpose set out in Part 1D (Foreign exchange reserve and asset management services) of Schedule 5.

(4) Part A1 (Interpretation) of Schedule 5 has effect for the interpretation of terms in that Schedule.

(5) The Governor may issue a financial sanctions licence only with the consent of the Secretary of State.””