SCHEDULE 2Modifications to be made in the extension of the Russia (Sanctions) (EU Exit) Regulations 2019 to each British overseas territory listed in Schedule 1

I138

For regulation 64 (Treasury licences), substitute—

Financial sanctions licences64

1

The prohibitions in regulations 11 to 15 (asset-freeze etc.) and 18 (investments in relation to Crimea) do not apply to anything done under the authority of a licence issued by the Governor under this paragraph.

2

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

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 of Schedule 5, and

b

in the case of acts which would otherwise be prohibited by regulation 18, where the Governor considers that it is appropriate to issue the licence for a purpose set out in Part 2 of Schedule 5.