{
  "url": "https://openlegislation.uk/russia-sanctions-eu-exit-amendment-no-12-regulations-2022/regulation-4",
  "json_url": "https://openlegislation.uk/russia-sanctions-eu-exit-amendment-no-12-regulations-2022/regulation-4.json",
  "legislation": "uksi/2022/801",
  "legislation_title": "The Russia (Sanctions) (EU Exit) (Amendment) (No. 12) Regulations 2022",
  "legislation_url": "https://openlegislation.uk/russia-sanctions-eu-exit-amendment-no-12-regulations-2022",
  "path": "regulation/4",
  "kind": "regulation",
  "number": "4",
  "heading": "Other financial and investment restrictions",
  "text": "In Chapter 2 of Part 3 (Finance), after regulation 18A (provision of financial services relating to foreign exchange reserve and asset management) insert—\n“Investments in relation to Russia\n18B. (1) A person (“P”) must not carry on an activity mentioned in paragraph (2) if P knows, or has reasonable cause to suspect, that P is carrying on such an activity.\n(2) The activities in this paragraph are—\n(a) directly acquiring any ownership interest in land located in Russia;\n(b) indirectly acquiring any ownership interest in land located in Russia for the purpose mentioned in paragraph (3);\n(c) directly acquiring any ownership interest in or control over a person, other than an individual, connected with Russia;\n(d) indirectly acquiring any ownership interest in or control over a person, other than an individual, connected with Russia for the purpose mentioned in paragraph (3);\n(e) directly or indirectly acquiring any ownership interest in or control over a relevant entity for the purpose mentioned in paragraph (3);\n(f) directly or indirectly establishing any joint venture with a person connected with Russia;\n(g) opening a representative office or establishing a branch or subsidiary located in Russia; or\n(h) providing investment services directly related to an activity referred to in sub-paragraphs (a) to (g).\n(3) The purpose mentioned in paragraph 2(b), (d) and (e) above is making funds or economic resources available—\n(a) directly or indirectly to a person connected with Russia; or\n(b) for the benefit of a person connected with Russia.\n(4) For the purposes of paragraph (3)—\n(a) economic resources are made available to a person connected with Russia only if that person would be likely to exchange the economic resources for, or use them in exchange for, funds, goods or services;\n(b) making funds or economic resources indirectly available to a person connected with Russia includes, in particular, a reference to making them available to a person who is owned or controlled directly or indirectly (within the meaning of regulation 7) by a person connected with Russia; and\n(c) funds or economic resources are made available for the benefit of a person connected with Russia only if that person thereby obtains, or is able to obtain, a significant financial benefit, and “financial benefit” includes the discharge (or partial discharge) of a financial obligation for which the person connected with Russia is wholly or partly responsible.\n(5) Paragraph (1) is subject to Part 7 (Exceptions and licences).\n(6) A person who contravenes a prohibition in paragraph (1) commits an offence.\n(7) In this regulation, the reference to a person (“P”) directly or indirectly acquiring any ownership interest in or control over a person or entity means—\n(a) P directly or indirectly acquiring any share in the person or entity;\n(b) P directly or indirectly acquiring any voting rights in the person or entity;\n(c) P directly or indirectly acquiring any right to appoint or remove a majority of the board of directors of the person or entity; or\n(d) P directly or indirectly acquiring any means of ensuring that the affairs of the person or entity are conducted in accordance with the wishes of P where it is reasonable, having regard to all of the circumstances, to expect that P would (if P chose to) in most cases or significant respects, by whatever means, be able to do so.\n(8) In this regulation—\n“branch” means, in relation to a person other than an individual, a place of business which forms a legally dependent part of that person and which carries out all or some of the transactions inherent in the business of that person;\n“investment services” has the same meaning as it has in regulation 16 (dealing with transferable securities or money-market instruments);\n“relevant entity” means a person, other than an individual, which has a place of business located in Russia but is not a person connected with Russia.”.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2022/801/regulation/4",
    "retrieved_at": "2026-10-28T21:57:30.521310+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}