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38.—(1) A person must not enter into any financial transaction relating to Libyan oil aboard a designated ship.
(2) Paragraph (1) is subject to Part 8 (Exceptions and licences).
(3) A person who contravenes the prohibition in paragraph (1) commits an offence, but it is a defence for a person charged with that offence to show that the person did not know and had no reasonable cause to suspect that the ship was a designated ship.
(4) In this regulation—
“designated ship” means a ship for the time being designated by the Committee for the purpose of paragraph 10(d) of resolution 2146;
a “financial transaction relating to Libyan oil”—
includes its purchase or sale, its use as credit and the taking out of transport insurance in respect of it;
does not include the payment or receipt of any fees pursuant to the entry into port of a ship carrying that oil.
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