# The Libya (Sanctions) (EU Exit) Regulations 2020, Regulation 38: Financial transactions in relation to Libyan oil aboard UN designated ships

Extent: E+W+S+N.I.

(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”—
(a)includes its purchase or sale, its use as credit and the taking out of transport insurance in respect of it;
(b)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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Source: https://www.legislation.gov.uk/uksi/2020/1665/regulation/38 (the official version)
Page: https://openlegislation.uk/libya-sanctions-eu-exit-regulations-2020/regulation-38
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.