{
  "url": "https://openlegislation.uk/russia-sanctions-eu-exit-amendment-no-17-regulations-2022/regulation-7",
  "json_url": "https://openlegislation.uk/russia-sanctions-eu-exit-amendment-no-17-regulations-2022/regulation-7.json",
  "legislation": "uksi/2022/1331",
  "legislation_title": "The Russia (Sanctions) (EU Exit) (Amendment) (No. 17) Regulations 2022",
  "legislation_url": "https://openlegislation.uk/russia-sanctions-eu-exit-amendment-no-17-regulations-2022",
  "path": "regulation/7",
  "kind": "regulation",
  "number": "7",
  "heading": "Insertion of regulation 18C (Trust services)",
  "text": "After regulation 18B (investments in relation to Russia), insert—\n“Trust services\n18C. (1) A person must not provide trust services to or for the benefit of a designated person.\n(2) A person (“P”) must not provide trust services to or for the benefit of a person connected with Russia (“C”) unless pursuant to an ongoing arrangement pursuant to which P provided those trust services to or for the benefit of C immediately before 16th December 2022.\n(3) Paragraphs (1) and (2) are subject to Part 7 (Exceptions and licences).\n(4) A person who contravenes a prohibition in paragraph (1) or (2) commits an offence.\n(5) For the purposes of paragraphs (1) and (2), trust services are provided for the benefit of a person (“B”) where—\n(a) B is a beneficiary of a trust or similar arrangement,\n(b) B is referred to as a potential beneficiary in a document from the settlor relating to a trust or similar arrangement (such as a letter of wishes), or\n(c) having regard to all the circumstances, B might reasonably be expected to obtain, or to be able to obtain, a significant financial benefit from the trust or similar arrangement.\n(6) For the purpose of paragraph (5), “beneficiary”, “potential beneficiary” and “settlor”, in relation to an arrangement similar to a trust, means those persons who hold equivalent or similar positions to those described in sub-paragraphs (a) to (c) of that paragraph in respect of a trust.\n(7) In this regulation—\n“designated person” means a person who is designated under regulation 5 (power to designate persons) for the purposes of this regulation;\n“trust services” means—\n(a) the creation of a trust or similar arrangement,\n(b) the provision of a registered office, business address, correspondence address or administrative address for a trust or similar arrangement,\n(c) the operation or management of a trust or similar arrangement, or\n(d) acting or arranging for another person to act as trustee of a trust or similar arrangement, where “trustee”, in relation to an arrangement similar to a trust, means a person who holds an equivalent or similar position to a trustee of a trust.”",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2022/1331/regulation/7",
    "retrieved_at": "2026-10-28T21:52:04.372592+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."
}