Explanatory note

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

They revoke and replace the Russia (Sanctions) (EU Exit) (Amendment) (No. 2) Regulations 2024 (S.I. 2024/695) (“the 2024 Regulations”) as it is anticipated that it will not be possible for those Regulations to be approved by a resolution of each House of Parliament within 28 days of the day on which they were made, and they will therefore cease to have effect in accordance with section 55(3)(b) of SAMLA.

Regulation 3 makes amendments to the designation criteria in regulation 6 of the 2019 Regulations to specify additional activities for which a person may be designated.

Regulation 4 makes amendments to the ship specification criteria in regulation 57F of the 2019 Regulations to specify additional activities for which a ship may be specified.

Regulation 5 revokes the 2024 Regulations for the reason explained above.

A full impact assessment has not been produced for these Regulations as no, or no significant, impact is foreseen on the private, voluntary or public sectors in the United Kingdom. A de minimis assessment has been prepared as this instrument is likely to entail some costs for businesses, but the net impact is estimated to be below £5 million per year. A full impact assessment was, however, produced for SAMLA and can be found at: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/653271/Sanctions_and_Anti-Money_Laundering_Bill_Impact_Assessment_18102017.pdf.