Regulation 60I Trade: exceptions in relation to Energy-related Goods and energy-related technologyF1F5

The prohibitions in regulations 44 (financial services relating to energy-related goods F2and energy-related technology) and 45 (brokering services: non-UK activity relating to energy-related goods and energy-related technology) are not contravened in relation to the provision of insurance or reinsurance to a relevant person with regard to that person’s activities outside the energy sector in Russia.

The prohibitions in Chapter 4 (energy-related goods F3, energy-related technology and related activities) are not contravened by a relevant activity that is necessary for the purposes of a UK petroleum project.

In this regulation—

• “energy related goods” has the meaning given in regulation 21(1) (interpretation of Part 5);

• F4“energy-related technology” has the meaning given in regulation 21(1) (interpretation of Part 5);

• “relevant activity” means any activity which would, in the absence of this regulation, contravene the prohibitions specified in paragraphs (1) and (2);

• “relevant person” means a person who is not a person connected with Russia;

• “UK petroleum project” means an oil or gas exploration or production project that is wholly or partially located within—

  1. (a)

     the United Kingdom;

  2. (b)

     waters adjacent to the United Kingdom up to the seaward limits of the territorial sea, or the seabed and subsoil below them;

  3. (c)

     areas from time to time designated under section 1(7) of the Continental Shelf Act 1964 (designation of areas of continental shelf), and any waters within the limits of such areas.