PART 7Exceptions and licences

F1Trade: exception in relation to oil and oil products60H

1

The prohibitions in Chapter 4I (Oil and Oil Products) are not contravened by a relevant activity in relation to any oil and oil products which—

a

originate in a country that is not Russia,

b

are not owned by a person connected with Russia, and

c

are only being loaded in, departing from or transiting through Russia.

2

For the purposes of paragraph (1)—

  • “oil and oil products” has the meaning given in regulation 21(1) (interpretation of Part 5);

  • “relevant activity” means any activity which would, in the absence of this regulation, contravene the prohibitions specified in paragraph (1).