Regulation 18A Provision of financial services relating to foreign exchange reserve and asset managementF1

(1)

A person (“P”) must not provide financial services to a person mentioned in paragraph (2) where—

(a)

the financial services are for the purpose of foreign exchange reserve and asset management; and

(b)

P knows, or has reasonable cause to suspect, that the financial services are provided to such a person.

(2)

The persons mentioned in this paragraph are—

(a)

the Central Bank of the Russian Federation,

(b)

the National Wealth Fund of the Russian Federation,

(c)

the Ministry of Finance of the Russian Federation,

(d)

a person owned or controlled directly or indirectly (within the meaning of regulation 7) by a person mentioned in sub-paragraphs (a) to (c), or

(e)

a person acting on behalf of or at the direction of a person mentioned in sub-paragraphs (a) to (c).

(3)

Paragraph (1) is subject to Part 7 (Exceptions and licences).

(4)

A person who contravenes the prohibition in paragraph (1) commits an offence.

Annotations

F1: Reg. 18A inserted (1.3.2022 at 5.00 p.m.) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 5) Regulations 2022 (S.I. 2022/205), regs. 1(2), 3(1)

F1: Regulations extended (British overseas territories) (with modifications) (31.12.2020 immediately after both S.I. 2020/590 and S.I. 2020/951 have come into force) by The Russia (Sanctions) (Overseas Territories) Order 2020 (S.I. 2020/1571), arts. 1(1), 2, Schs. 1, 2 (as amended: (11.3.2021) by S.I. 2021/288, arts. 1(1), 2(2); (14.4.2022) by S.I. 2022/453, arts. 1(1), 3-38; (20.7.2022) by S.I. 2022/843, arts. 1(1), 3; (10.11.2022) by S.I. 2022/1167, arts. 1(1), 3-17; (15.12.2022) by S.I. 2022/1338, arts. 1(1), 3-10; (9.3.2023) by S.I. 2023/291, arts. 1(1), 3-9; (20.7.2023) by S.I. 2023/846, arts. 1(1), 3, 5-22; (30.9.2023) by S.I. 2023/846, arts. 1(2), 4; (14.3.2024) by S.I. 2024/370, arts. 1, 3-13; (3.10.2024) by S.I. 2024/987, arts. 1(1), 3-6; and (11.12.2025) by S.I. 2025/1307, art. 1(1), Sch. 15)