# The Russia (Sanctions) (EU Exit) (Amendment) (No. 17) Regulations 2022, Regulation 7: Insertion of regulation 18C (Trust services)


After regulation 18B (investments in relation to Russia), insert—
“Trust services
18C. (1) A person must not provide trust services to or for the benefit of a designated person.
(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.
(3) Paragraphs (1) and (2) are subject to Part 7 (Exceptions and licences).
(4) A person who contravenes a prohibition in paragraph (1) or (2) commits an offence.
(5) For the purposes of paragraphs (1) and (2), trust services are provided for the benefit of a person (“B”) where—
(a) B is a beneficiary of a trust or similar arrangement,
(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
(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.
(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.
(7) In this regulation—
“designated person” means a person who is designated under regulation 5 (power to designate persons) for the purposes of this regulation;
“trust services” means—
(a) the creation of a trust or similar arrangement,
(b) the provision of a registered office, business address, correspondence address or administrative address for a trust or similar arrangement,
(c) the operation or management of a trust or similar arrangement, or
(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.”

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Source: https://www.legislation.gov.uk/uksi/2022/1331/regulation/7 (the official version)
Page: https://openlegislation.uk/russia-sanctions-eu-exit-amendment-no-17-regulations-2022/regulation-7
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.