The Russia (Sanctions) (Overseas Territories) (Amendment) Order 2023

The Russia (Sanctions) (Overseas Territories) (Amendment) Order 2023 was published on legislation.gov.uk, the official platform of the UK government to publicize legal documents. It modifies the Russia (Sanctions) (Overseas Territories) Order 2020 (SI 2020/1571) to extend – with some modifications – the Russia (Sanctions) (EU Exit) (Amendment) (No. 17) Regulations 2022 (S.I. 2022/1331) to all British overseas territories except Bermuda and Gibraltar (which implement „sanctions under their own legislative arrangements“).
The above noted 2022 regulations impose further trade-related, financial, and business restrictions, including
– the prohibition to provide trust AND related services to or for the benefit of sanctioned persons (for existing trust services) and for the benefit of persons connected with Russia for all new trust services;
– the extension of existing restrictions pertaining to the dealing with securities or money market instruments to persons that are „connected with Russia“;
– the extension of the existing restrictions as regards the provision of loan arrangements to any person „connected with Russia“;
– the prohibition to provide marketing, advertising services, and engineering services and to provide auditing services to ANY person „connected with Russia“, or
– the extension of trade restrictions to prohibit the sale, transport, or export of certain products, including camouflage and oil production products, mining equipment, defense and security products, and certain chemicals, to name a few.
Therefore, the sanction measures now also apply to the following territories:
– Anguilla
– British Antarctic Territory
– British Indian Ocean Territory
– Cayman Islands
– Falkland Islands
– Montserrat
– Pitcairn, Henderson, Ducie and Oeno Islands
– St Helena, Ascension and Tristan da Cunha
– South Georgia and the South Sandwich Islands
– The Sovereign Base Areas of Akrotiri and Dhekelia in the Island of Cyprus
– Turks and Caicos Islands
– Virgin Islands