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Regulation 46Z1 Financial services and funds relating to G7 dependency and further goods and G7 dependency and further technologyF1F11F12

(1)

A person must not directly or indirectly provide, to a person connected with Russia, financial services in pursuance of or in connection with an arrangement whose object or effect is—

(a)

the export of F2G7 dependency and further goods;

(b)

the direct or indirect supply or delivery of G7 dependency and further goods;

(c)

directly or indirectly making G7 dependency and further goods F3or G7 dependency and further technology available to a person; F4...

(F5ca)

the transfer of G7 dependency and further technology; or

(d)

the direct or indirect provision of technical assistance relating to G7 dependency and further goods F6or G7 dependency and further technology.

(2)

A person must not directly or indirectly make funds available to a person connected with Russia in pursuance of or in connection with an arrangement mentioned in paragraph (1).

(3)

A person must not directly or indirectly provide financial services or funds in pursuance of or in connection with an arrangement whose object or effect is—

(a)

the export of G7 dependency and further goods to, or for use in, Russia;

(b)

the direct or indirect supply or delivery of G7 dependency and further goods to a place in Russia;

(c)

directly or indirectly making G7 dependency and further goods F7or G7 dependency and further technology available—

(i)

to a person connected with Russia, or

(ii)

for use in Russia; F8...

(F9ca)

the transfer of G7 dependency and further technology—

(i)

to a person connected with Russia, or

(ii)

to a place in Russia; or

(d)

the direct or indirect provision of technical assistance relating to G7 dependency and further goods F10or G7 dependency and further technology —

(i)

to a person connected with Russia, or

(ii)

for use in Russia.

(4)

Paragraphs (1) to (3) are subject to Part 7 (Exceptions and licences).

(5)

A person who contravenes a prohibition in any of paragraphs (1) to (3) commits an offence, but—

(a)

it is a defence for a person charged with an offence of contravening paragraph (1) or (2) (“P”) to show that P did not know and had no reasonable cause to suspect that the person was connected with Russia;

(b)

it is a defence for a person charged with the offence of contravening paragraph (3) to show that the person did not know and had no reasonable cause to suspect that the financial services or funds (as the case may be) were provided in pursuance of or in connection with an arrangement mentioned in that paragraph.

Annotations

Textual amendments

F1

Pt. 5 Chs. 4H-4K inserted (21.7.2022) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 14) Regulations 2022 (S.I. 2022/850), regs. 1(2), 12

F2

Words in reg. 46Z1 substituted (29.10.2022) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 15) Regulations 2022 (S.I. 2022/1110), reg. 1(2)(b), Sch. 3 para. 10(1)(2)(d)

F3

Words in reg. 46Z1(1)(c) inserted (24.4.2025) by The Russia (Sanctions) (EU Exit) (Amendment) Regulations 2025 (S.I. 2025/504), regs. 1(2), 5(4)(5)(c) (with reg. 17)

F4

Word in reg. 46Z1(1)(c) omitted (24.4.2025) by virtue of The Russia (Sanctions) (EU Exit) (Amendment) Regulations 2025 (S.I. 2025/504), regs. 1(2), 5(8)(a) (with reg. 17)

F5

Reg. 46Z1(1)(ca) inserted (24.4.2025) by The Russia (Sanctions) (EU Exit) (Amendment) Regulations 2025 (S.I. 2025/504), regs. 1(2), 5(8)(b) (with reg. 17)

F6

Words in reg. 46Z1(1)(d) inserted (24.4.2025) by The Russia (Sanctions) (EU Exit) (Amendment) Regulations 2025 (S.I. 2025/504), regs. 1(2), 5(4)(5)(c) (with reg. 17)

F7

Words in reg. 46Z1(3)(c) inserted (24.4.2025) by The Russia (Sanctions) (EU Exit) (Amendment) Regulations 2025 (S.I. 2025/504), regs. 1(2), 5(4)(5)(c) (with reg. 17)

F8

Word in reg. 46Z1(3)(c) omitted (24.4.2025) by virtue of The Russia (Sanctions) (EU Exit) (Amendment) Regulations 2025 (S.I. 2025/504), regs. 1(2), 5(8)(c) (with reg. 17)

F9

Reg. 46Z1(3)(ca) inserted (24.4.2025) by The Russia (Sanctions) (EU Exit) (Amendment) Regulations 2025 (S.I. 2025/504), regs. 1(2), 5(8)(d) (with reg. 17)

F10

Words in reg. 46Z1(3)(d) inserted (24.4.2025) by The Russia (Sanctions) (EU Exit) (Amendment) Regulations 2025 (S.I. 2025/504), regs. 1(2), 5(4)(5)(c) (with reg. 17)

F11

Words in reg. 46Z1 heading substituted (29.10.2022) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 15) Regulations 2022 (S.I. 2022/1110), reg. 1(2)(b), Sch. 3 para. 10(1)(2)(d)

F12

Words in reg. 46Z1 heading inserted (24.4.2025) by The Russia (Sanctions) (EU Exit) (Amendment) Regulations 2025 (S.I. 2025/504), regs. 1(2), 5(3) (with reg. 17)

Notes on the whole SI

Textual amendments

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)

Notes on Chapter 4H

Textual amendments

F2

Pt. 5 Ch. 4H heading substituted (29.10.2022) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 15) Regulations 2022 (S.I. 2022/1110), reg. 1(2)(b), Sch. 3 para. 10(1)(2)(a)

F3

Words in Pt. 5 Ch. 4H heading inserted (24.4.2025) by The Russia (Sanctions) (EU Exit) (Amendment) Regulations 2025 (S.I. 2025/504), regs. 1(2), 5(2) (with reg. 17)