Explanatory note

These Regulations are made under the Sanctions and Anti-Money Laundering Act 2018 (c. 13) to amend the Russia (Sanctions) (EU Exit) Regulations 2019 (S.I. 2019/855) (“the 2019 Regulations”).

These Regulations add new financial sanctions to Part 3 (Finance) of the 2019 Regulations. The amendments insert restrictions regarding investments (and services directly related to those investments) in respect of land located in Russia, persons connected with Russia, relevant entities, joint ventures, opening a representative office or establishing a branch or subsidiary located in Russia. These Regulations provide for exceptions to, and licensing powers in relation to, these new provisions.

A full impact assessment of the effect that this instrument will have on the costs of business, the voluntary sector and the public sector has been published alongside these Regulations and is available at [ ], or from the Foreign, Commonwealth and Development Office, King Charles Street, London, SW1A 2AH.