Financial services and funds relating to [F1restricted goods] and [F2restricted technology]U.K.
28.—(1) A person must not directly or indirectly provide, to a person connected with Russia, financial services in pursuance of or in connection with an arrangement whose object or effect is—
(a)the export of [F1restricted goods],
(b)the direct or indirect supply or delivery of [F1restricted goods],
(c)directly or indirectly making [F1restricted goods] or [F2restricted technology] available to a person,
(d)the transfer of [F2restricted technology], or
(e)the direct or indirect provision of technical assistance relating to [F1restricted goods] or [F2restricted technology].
(2) A person must not directly or indirectly make funds available to a person connected with Russia in pursuance of or in connection with an arrangement mentioned in paragraph (1).
(3) A person must not directly or indirectly provide financial services or funds in pursuance of or in connection with an arrangement whose object or effect is—
(a)the export of [F1restricted goods] to, or for use in, Russia;
(b)the direct or indirect supply or delivery of [F1restricted goods] to a place in Russia;
(c)directly or indirectly making [F1restricted goods] or [F2restricted technology] available—
(i)to a person connected with Russia, or
(ii)for use in Russia;
(d)the transfer of [F2restricted technology]—
(i)to a person connected with Russia, or
(ii)to a place in Russia; or
(e)the direct or indirect provision of technical assistance relating to [F1restricted goods] or [F2restricted technology]—
(i)to a person connected with Russia, or
(ii)for use in Russia.
F3(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F4(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6) Paragraphs (1) to [F5(3)] are subject to Part 7 (Exceptions and licences).
(7) A person who contravenes a prohibition in any of paragraphs (1) [F6to (3)] commits an offence, but—
(a)it is a defence for a person charged with an offence of contravening paragraph (1) [F7or (2)] (“P”) to show that P did not know and had no reasonable cause to suspect that the person was connected with Russia;
(b)it is a defence for a person charged with the offence of contravening paragraph (3) to show that the person did not know and had no reasonable cause to suspect that the financial services or funds (as the case may be) were provided in pursuance of or in connection with an arrangement mentioned in that paragraph [F8.]
F9(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Words in regs. 27-29 substituted (1.3.2022) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 3) Regulations 2022 (S.I. 2022/195), regs. 1(2), 4(2)(d) (with reg. 11)
F2Words in regs. 27-29 substituted (1.3.2022) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 3) Regulations 2022 (S.I. 2022/195), regs. 1(2), 4(3)(c) (with reg. 11)
F3Reg. 28(4) omitted (31.12.2020 immediately after IP completion day) by virtue of The Sanctions (EU Exit) (Miscellaneous Amendments) (No. 2) Regulations 2020 (S.I. 2020/590), regs. 1(2), 10(5)(a); S.I. 2020/1514, reg. 4
F4Reg. 28(5) omitted (31.12.2020 immediately after IP completion day) by virtue of The Sanctions (EU Exit) (Miscellaneous Amendments) (No. 2) Regulations 2020 (S.I. 2020/590), regs. 1(2), 10(5)(a); S.I. 2020/1514, reg. 4
F5Word in reg. 28(6) substituted (31.12.2020 immediately after IP completion day) by The Sanctions (EU Exit) (Miscellaneous Amendments) (No. 2) Regulations 2020 (S.I. 2020/590), regs. 1(2), 10(5)(b); S.I. 2020/1514, reg. 4
F6Words in reg. 28(7) substituted (31.12.2020 immediately after IP completion day) by The Sanctions (EU Exit) (Miscellaneous Amendments) (No. 2) Regulations 2020 (S.I. 2020/590), regs. 1(2), 10(5)(c)(i); S.I. 2020/1514, reg. 4
F7Words in reg. 28(7)(a) substituted (31.12.2020 immediately after IP completion day) by The Sanctions (EU Exit) (Miscellaneous Amendments) (No. 2) Regulations 2020 (S.I. 2020/590), regs. 1(2), 10(5)(c)(ii); S.I. 2020/1514, reg. 4
F8Full stop in reg. 28(7)(b) substituted for semicolon (31.12.2020 immediately after IP completion day) by The Sanctions (EU Exit) (Miscellaneous Amendments) (No. 2) Regulations 2020 (S.I. 2020/590), regs. 1(2), 10(5)(c)(iii); S.I. 2020/1514, reg. 4
F9Reg. 28(7)(c) omitted (31.12.2020 immediately after IP completion day) by virtue of The Sanctions (EU Exit) (Miscellaneous Amendments) (No. 2) Regulations 2020 (S.I. 2020/590), regs. 1(2), 10(5)(c)(iv); S.I. 2020/1514, reg. 4
Commencement Information
I1Reg. 28 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)