after paragraph (4) insert—

“(4A)

A person (“P”) must not, directly or indirectly, deal with a transferable security or money-market instrument falling within paragraph (4B) if P knows, or has reasonable cause to suspect, that P is dealing with such a transferable security or money-market instrument.

(4B)

A transferable security or money-market instrument falls within this paragraph if it has a maturity exceeding 30 days and is issued on or after 1st March 2022 by—

(a)

a person, other than an individual, which is—

(i)

incorporated or constituted under the law of any part of the United Kingdom, and

(ii)

owned by a person falling within Schedule 2; or

(b)

a person, other than an individual, acting on behalf or at the direction of a person within sub-paragraph (a).

(4C)

A person (“P”) must not, directly or indirectly, deal with a transferable security or money-market instrument falling within paragraph (4D) if P knows, or has reasonable cause to suspect, that P is dealing with such a transferable security or money-market instrument.

(4D)

A transferable security or money-market instrument falls within this paragraph if it is issued on or after 1st March 2022 by—

(a)

a person connected with Russia, which is not—

(i)

a person falling within Schedule 2,

(ii)

a person, other than an individual, which on 1st March 2022 is domiciled in a country other than Russia, or

(iii)

a person, other than an individual, which on 1st March 2022 is a branch or subsidiary, wherever located, of a person mentioned in paragraph (ii);

(b)

a person, other than an individual, which is owned by a person falling within sub-paragraph (a); or

(c)

a person, other than an individual, acting on behalf or at the direction of a person within sub-paragraph (a) or sub-paragraph (b).

(4E)

A person (“P”) must not, directly or indirectly, deal with a transferable security or money-market instrument falling within paragraph (4F) if P knows, or has reasonable cause to suspect, that P is dealing with such a transferable security or money-market instrument.

(4F)

A transferable security or money-market instrument falls within this paragraph if it is issued on or after 1st March 2022 by, or on behalf of, the Government of Russia.”;

for paragraph (5) substitute—

“(5)

Paragraphs (1), (3), (4A), (4C) and (4E) are subject to Part 7 (Exceptions and licences).”;