The Russia (Sanctions) (EU Exit)
(Amendment) (No. 2) Regulations 2022
These Regulations are made under the Sanctions and Anti-Money
Laundering Act 2018 (c. 13) to amend the Russia (Sanctions) (EU
Exit) Regulations 2019 (S.I. 2019/855) (“the 2019 Regulations”).
The Regulations add new financial sanctions to Part 3 (Finance)
of the 2019 Regulations. Existing restrictions on dealing with
certain financial instruments and providing loans and credit are
amended to extend the sanctions prohibitions to a broader range
of transferable securities and money market instruments
(regulation 16 of the 2019 Regulations); and loans and credit
(regulation 17).
Further restrictions on correspondent banking relationships and
processing of sterling payments are also introduced (in new
regulation 17A of the 2019 Regulations). The amendments also
introduce a power for the Secretary of State to designate persons
for the purposes of that provision.
These Regulations provide for exceptions to, and for licensing
powers in relation to, those prohibitions. In particular, there
is provision to make clear that a licence may authorise acts
which would otherwise be prohibited by any of regulations 11 to
17A for a particular period beginning with the coming into force
of the prohibition, or the date of any designation made for the
purposes of those provision. This would allow a period for
persons affected to arrange their affairs to comply.
