PART 7U.K.Exceptions and licences

[F1Trade: exception in relation to oil and oil productsU.K.

60H.—(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).]

Textual Amendments