OpenLegislation

Regulation 60 Exceptions relating to investments in relation to non-government controlled Ukrainian territoryF6I1

United Kingdom

(1)

The prohibitions in F1regulation 18 (investments in relation to non-government controlled Ukrainian territory) are not contravened by any act done by a person (“P”) in satisfaction of an obligation of P arising under a contract concluded before F2the relevant date, or an ancillary contract necessary for the satisfaction of such a contract, provided that P has notified the Treasury no later than the day five working days before the day on which the act is carried out.

(2)

The prohibitions in regulation 18 are not contravened by activities carried on by a person with entities outside F3non-government controlled Ukrainian territory where the related investment is not destined for an entity in non-government controlled Ukrainian territory.

F4(3)

In this regulation, “the relevant date” means—

(a)

in the case of investments in relation to Crimea, 20th December 2014;

(b)

in the case of investments in relation to non-government controlled areas of the Donetsk and Luhansk oblasts, 23rd February 2022.

(F5c)

in the case of investments in relation to non-government controlled areas of the Kherson and Zaporizhzhia oblasts, 20th June 2023.

Annotations

Textual amendments

F1

Words in reg. 60(1) substituted (30.3.2022 at 5.00 p.m.) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 7) Regulations 2022 (S.I. 2022/395), regs. 1(2), 23(b)(i)

F2

Words in reg. 60(1) substituted (30.3.2022 at 5.00 p.m.) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 7) Regulations 2022 (S.I. 2022/395), regs. 1(2), 23(b)(ii)

F3

Words in reg. 60(2) substituted (30.3.2022 at 5.00 p.m.) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 7) Regulations 2022 (S.I. 2022/395), regs. 1(2), 23(c)

F4

Reg. 60(3) inserted (30.3.2022 at 5.00 p.m.) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 7) Regulations 2022 (S.I. 2022/395), regs. 1(2), 23(d)

F5

Reg. 60(3)(c) inserted (20.6.2023) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 2) Regulations 2023 (S.I. 2023/665), regs. 1(2), 9

F6

Words in reg. 60 heading substituted (30.3.2022 at 5.00 p.m.) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 7) Regulations 2022 (S.I. 2022/395), regs. 1(2), 23(a)

Commencement

I1

Reg. 60 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

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)