Regulation 19 Insertion of regulations 60H and 60I

After regulation 60G insert—

“Trade: exception in relation to oil and oil products

60H.

(1)

The prohibitions in Chapter 4I (Oil and Oil Products) are not contravened by a relevant activity in relation to any oil and oil products which—

(a)

originate in a country that is not Russia,

(b)

are not owned by a person connected with Russia, and

(c)

are only being loaded in, departing from or transiting through Russia.

(2)

For the purposes of paragraph (1)—

• “oil and oil products” has the meaning given in regulation 21(1) (interpretation of Part 5);

• “relevant activity” means any activity which would, in the absence of this regulation, contravene the prohibitions specified in paragraph (1).

Trade: exceptions in relation to Energy-related Goods

60I.

(1)

The prohibitions in regulations 44 (financial services relating to energy-related goods) and 45 (brokering services: non-UK activity relating to energy-related goods) are not contravened in relation to the provision of insurance or reinsurance to a relevant person with regard to that person’s activities outside the energy sector in Russia.

(2)

The prohibitions in Chapter 4 (energy-related goods and related activities) are not contravened by a relevant activity that is necessary for the purposes of a UK petroleum project.

(3)

In this regulation—

• “energy related goods” has the meaning given in regulation 21(1) (interpretation of Part 5);

• “relevant activity” means any activity which would, in the absence of this regulation, contravene the prohibitions specified in paragraphs (1) and (2);

• “relevant person” means a person who is not a person connected with Russia;

• “UK petroleum project” means an oil or gas exploration or production project that is wholly or partially located within—

  1. (a)

     the United Kingdom;

  2. (b)

     waters adjacent to the United Kingdom up to the seaward limits of the territorial sea, or the seabed and subsoil below them;

  3. (c)

     areas from time to time designated under section 1(7) of the Continental Shelf Act 1964^f1 (designation of areas of continental shelf), and any waters within the limits of such areas.”.