Explanatory note

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

In particular, these Regulations create prohibitions on the import, acquisition and supply and delivery of diamonds and diamond jewellery (as defined in the Schedule inserted by regulation 7(2)) which are located, originate in or are consigned from Russia and on the provision of ancillary services relating to those prohibitions (regulation 3). Regulations 4 and 5 create certain exceptions to those prohibitions.

Regulation 6 prescribes which of the offences created by the amendments at regulation 3 of these Regulations, may be referred to His Majesty’s Revenue and Customs for investigation.

Regulation 7(1) makes consequential amendments to the list of Schedule 3DA revenue generating goods.

A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen. Instead, 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.