Regulation 46Z32 Financial services and funds relating to Russia’s vulnerable goods and Russia’s vulnerable technologyF1F11
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—
the export of Russia’s vulnerable goods;
the direct or indirect supply or delivery of Russia’s vulnerable goods;
the transfer of Russia’s vulnerable technology; or
the direct or indirect provision of technical assistance relating to Russia’s vulnerable goods F5or Russia’s vulnerable technology.
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).
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—
the export of Russia’s vulnerable goods to, or for use in, Russia;
the direct or indirect supply or delivery of Russia’s vulnerable goods to a place in Russia;
the transfer of Russia’s vulnerable technology—
to a person connected with Russia, or
to a place in Russia; or
the direct or indirect provision of technical assistance relating to Russia’s vulnerable goods F10or Russia’s vulnerable technology—
to a person connected with Russia, or
for use in Russia.
Paragraphs (1) to (3) are subject to Part 7 (Exceptions and licences).
A person who contravenes a prohibition in any of paragraphs (1) to (3) commits an offence, but—
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;
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. 4L, 4M inserted (1.1.2023) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 15) Regulations 2022 (S.I. 2022/1110), regs. 1(2)(a), 6
- F2
Words in reg. 46Z32(1)(c) inserted (24.4.2025) by The Russia (Sanctions) (EU Exit) (Amendment) Regulations 2025 (S.I. 2025/504), regs. 1(2), 8(5)(6)(c) (with reg. 17)
- F3
Word in reg. 46Z32(1)(c) omitted (24.4.2025) by virtue of The Russia (Sanctions) (EU Exit) (Amendment) Regulations 2025 (S.I. 2025/504), regs. 1(2), 8(9)(a) (with reg. 17)
- F4
Reg. 46Z32(1)(ca) inserted (24.4.2025) by The Russia (Sanctions) (EU Exit) (Amendment) Regulations 2025 (S.I. 2025/504), regs. 1(2), 8(9)(b) (with reg. 17)
- F5
Words in reg. 46Z32(1)(d) inserted (24.4.2025) by The Russia (Sanctions) (EU Exit) (Amendment) Regulations 2025 (S.I. 2025/504), regs. 1(2), 8(5)(6)(c) (with reg. 17)
- F6
Reg. 46Z32(3)(c) renumbered as reg. 46Z32(3)(b) (24.4.2025) by The Russia (Sanctions) (EU Exit) (Amendment) Regulations 2025 (S.I. 2025/504), regs. 1(2), 8(4) (with reg. 17)
- F7
Words in reg. 46Z32(3)(c) inserted (24.4.2025) by The Russia (Sanctions) (EU Exit) (Amendment) Regulations 2025 (S.I. 2025/504), regs. 1(2), 8(5)(6)(c) (with reg. 17)
- F8
Word in reg. 46Z32(3)(c) omitted (24.4.2025) by virtue of The Russia (Sanctions) (EU Exit) (Amendment) Regulations 2025 (S.I. 2025/504), regs. 1(2), 8(9)(c) (with reg. 17)
- F9
Reg. 46Z32(3)(ca) inserted (24.4.2025) by The Russia (Sanctions) (EU Exit) (Amendment) Regulations 2025 (S.I. 2025/504), regs. 1(2), 8(9)(d) (with reg. 17)
- F10
Words in reg. 46Z32(3)(d) inserted (24.4.2025) by The Russia (Sanctions) (EU Exit) (Amendment) Regulations 2025 (S.I. 2025/504), regs. 1(2), 8(5)(6)(c) (with reg. 17)
- F11
Words in reg. 46Z32 heading inserted (24.4.2025) by The Russia (Sanctions) (EU Exit) (Amendment) Regulations 2025 (S.I. 2025/504), regs. 1(2), 8(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 4M
Textual amendments
- F2
Words in Pt. 5 Ch. 4M heading inserted (24.4.2025) by The Russia (Sanctions) (EU Exit) (Amendment) Regulations 2025 (S.I. 2025/504), regs. 1(2), 8(2) (with reg. 17)