The Russia (Sanctions) (EU Exit) Regulations 2019

[F1 [F2 Enabling others to divest themselves of funds or economic resources U.K.

9DC.— (1) To enable anything to be done by a UK entity in order to enable another person (“B”) to undertake a relevant transfer.

(2) In sub-paragraph (1), a “relevant transfer” means a transfer of funds or economic resources located in Russia and owned, held or controlled by B, to a person concerned, in order to enable B to divest itself, either wholly or partially, of those funds or economic resources.

(3) Where sub-paragraph (4) applies, to enable anything to be done by a UK entity in order to enable B to acquire from a person concerned an interest in B held by the person concerned.

(4) This sub-paragraph applies where—

(a) the sole consideration for that acquisition is a transfer of funds from B to the person concerned;

(b) such funds are credited to—

(i) a frozen account held by a relevant institution; or

(ii) an account held by a non-UK credit or financial institution in a non-UK country; and

(c) where paragraph (b)(ii) applies, the law of that non-UK country—

(i) contains relevant and appropriate—

(aa) prohibitions corresponding to those in Part 3 of these Regulations; and

(bb) exceptions corresponding to those in Part 7 of these Regulations; and

(ii) where relevant or appropriate, allows for licences to be granted on grounds corresponding to those in this Schedule.]]

Textual Amendments

F1 Sch. 5 paras. 9A-9T and related Pt. headings inserted (1.3.2022) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 2) Regulations 2022 (S.I. 2022/194), regs. 1(2), 14(e)

F2 Sch. 5 Pt. 1ZA inserted (15.12.2023) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 4) Regulations 2023 (S.I. 2023/1364), regs. 1(3), 22(22)