The Russia (Sanctions) (EU Exit) Regulations 2019

Investments in relation to Crimea

18.—(1) A person (“P”) must not carry on an activity mentioned in paragraph (2) if P knows, or has reasonable cause to suspect, that P is carrying on such an activity.

(2) The activities in this paragraph are—

(a) directly or indirectly acquiring or extending a participation, or acquiring any ownership interest, in land located in Crimea;

(b) directly or indirectly acquiring or extending a participation, or acquiring any ownership interest in or control over, a relevant entity;

(c) directly or indirectly granting any loan or credit, entering into any arrangement to grant any loan or credit, or otherwise providing funds, including for example equity capital—

(i) to a relevant entity, or

(ii) for the documented purpose of financing any such entity;

(d) directly or indirectly establishing any joint venture—

(i) in Crimea, or

(ii) with a relevant entity;

(e) providing investment services directly related to an activity referred to in sub-paragraphs (a) to (d) above.

(3) Paragraph (1) is subject to Part 7 (Exceptions and licences).

(4) A person who contravenes a prohibition in paragraph (1) commits an offence.

(5) In this regulation—

“investment services” has the same meaning as it has in regulation 16;

“relevant entity” means a person, other than an individual, which has a place of business located in Crimea.