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Regulation 38 Financial transactions in relation to Libyan oil aboard UN designated shipsI1

United Kingdom

(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”—

  1. (a)

    includes its purchase or sale, its use as credit and the taking out of transport insurance in respect of it;

  2. (b)

    does not include the payment or receipt of any fees pursuant to the entry into port of a ship carrying that oil.

Annotations

Commencement

I1

Reg. 38 in force at 31.12.2020 on IP completion day, see reg. 1(3)