The Russia (Sanctions) (Overseas Territories) (Amendment) Order 2024

• Citation: S.I. 2024/370
• Sections: 13

Section 1 Citation, commencement and extent

(1) This Order may be cited as the Russia (Sanctions) (Overseas Territories) (Amendment) Order 2024 and comes into force on 14th March 2024.

(2) This Order extends to each British overseas territory listed in the Schedule.

Section 2 Amendment of the Russia (Sanctions) (Overseas Territories) Order 2020

Schedule 2 (modifications to be made in the extension of the Russia (Sanctions) (EU Exit) Regulations 2019 to each British overseas territory listed in Schedule 1) to the Russia (Sanctions) (Overseas Territories) Order 2020 , is amended as set out in articles 3 to 13.

Section 3 Amendment of the Russia (Sanctions) (Overseas Territories) Order 2020

In paragraph 12A (modification of regulation 17A)—

(a) in the opening words, for “etc.” substitute “and processing payments” ;

(b) in paragraph (b), omit sub-paragraphs (i) and (iv);

(c) omit paragraph (c);

(d) in paragraph (d)(ii), omit the definition of “relevant currency”.

Section 4 Amendment of the Russia (Sanctions) (Overseas Territories) Order 2020

After paragraph 26DB (modification of regulation 46IB) insert—

(26DC) In regulation 46IF (interpretation), in the definition of “third country”, for “United Kingdom, the Isle of Man” substitute “Territory” .

Section 5 Amendment of the Russia (Sanctions) (Overseas Territories) Order 2020

Omit paragraph 33A (modification of regulation 59A).

Section 6 Amendment of the Russia (Sanctions) (Overseas Territories) Order 2020

Before paragraph 34 (modification of regulation 60) insert—

(33B) In regulation 59A(2)(b) (exceptions relating to processing payments), for “United Kingdom” substitute “Territory” .

Section 7 Amendment of the Russia (Sanctions) (Overseas Territories) Order 2020

In paragraph 34DA (modification of regulation 60G), after “(1A)(b)” insert “and (1E)(b)” .

Section 8 Amendment of the Russia (Sanctions) (Overseas Territories) Order 2020

After paragraph 34DB (modification of regulation 60GA) insert—

(34DBA) In regulation 60GAA (trade: exception in respect of iron and steel products, relevant processed iron or steel products and metals exported from Russia before the relevant day)—

(a) in paragraph (1)(b), for “United Kingdom or the Isle of Man” substitute “Territory” ;

(b) in paragraph (7), for the words from “Section 3” to “applies” substitute “Any rules imposing an obligation to declare goods for a customs procedure on import into the Territory apply” .

Section 9 Amendment of the Russia (Sanctions) (Overseas Territories) Order 2020

In paragraph 38 (substitution of regulation 64), in paragraph (3) of the substituted text—

(a) after sub-paragraph (a), insert—

(aa) in the case of acts which would otherwise be prohibited by regulations 11 to 15, 16, 17, 17A, 18A and 18C, where the Governor considers that it is appropriate to issue the licence for a purpose set out in Part 1ZA of Schedule 5,

(b) in sub-paragraph (d)—

(i) for “(sterling payments etc.)” substitute “(processing payments)” ;

(ii) for “(Sterling payments etc.)” substitute “(Processing payments)” .

Section 10 Amendment of the Russia (Sanctions) (Overseas Territories) Order 2020

After paragraph 43 (modification of regulation 70) insert—

(43A) In regulation 70A (designated persons: reporting obligations)—

(a) for “Treasury”, in each place it occurs, substitute “Governor” ;

(b) in paragraph (1), for “United Kingdom person” substitute “Territory person” ;

(c) in paragraph (2)—

(i) in the opening words, for “United Kingdom person” substitute “Territory person” ;

(ii) in sub-paragraph (a), for “United Kingdom” substitute “Territory” .

Section 11 Amendment of the Russia (Sanctions) (Overseas Territories) Order 2020

In paragraph 55 (substitution of regulation 80), in paragraphs (7) and (13) of the substituted text, after “70(6)” , in both places it appears, insert “, 70A(6)” .

Section 12 Amendment of the Russia (Sanctions) (Overseas Territories) Order 2020

In paragraph 64A (modification of regulation 88C)—

(a) in paragraph (b), after “(1),”, insert “(1A),” ;

(b) after paragraph (d) insert—

(da) in paragraph (6A)—

(i) for “the Treasury have”, in both places it occurs, substitute “the Governor has” ;

(ii) in sub-paragraph (a), after “£1,000,000”, insert “or its equivalent in the currency of the Territory” ;

Section 13 Amendment of the Russia (Sanctions) (Overseas Territories) Order 2020

In paragraph 78 (modification of Schedule 5)—

(a) after sub-paragraph (e) insert—

(ea) in paragraph 9DA (interpretation of Part 1ZA)—

(i) for the definition of “non-UK country” substitute—

“ non-Territory country ” means a country that is not the Territory;

(ii) for the definition of “non-UK credit or financial institution” substitute—

“ non-Territory credit or financial institution ” has the same meaning as in regulation 17A;

(iii) for the definition of “UK entity” substitute—

“ Territory entity ” means a person, other than an individual, incorporated or constituted under the law of the Territory

(eb) in paragraph 9DB (divestment)—

(i) in sub-paragraphs (1), (2), (3) and (4)(a), for “UK entity”, in each place it occurs, substitute “Territory entity” ;

(ii) in sub-paragraph (4)(b)(ii)—

(aa) for “non-UK credit or financial institution” substitute “non-Territory credit or financial institution” ;

(bb) for “non-UK country” substitute “non-Territory country” ;

(iii) in sub-paragraph (4)(c), for “non-UK country” substitute “non-Territory country” ;

(ec) in paragraph 9DC (enabling others to divest themselves of funds or economic resources)—

(i) in sub-paragraphs (1) and (3), for “UK entity”, in each place it occurs, substitute “Territory entity” ;

(ii) in sub-paragraph (4)(b)(ii)—

(aa) for “non-UK credit or financial institution” substitute “non-Territory credit or financial institution” ;

(bb) for “non-UK country” substitute “non-Territory country” ;

(iii) in sub-paragraph (4)(c), for “non-UK country” substitute “non-Territory country” ;

(b) after sub-paragraph (k) insert—

(ka) in paragraph 9TA (other licensing purposes), for “Treasury” substitute “Governor” ;