Key Amendments:

• Designation Criteria Expanded:
  • New criteria include individuals who own, control, or serve as directors or managers of sanctioned entities.
  • Financial services or resources provided to sanctioned entities are also included.
• Specification of Ships:
  • Ships involved in activities destabilizing Ukraine or supporting the Russian government are targeted.
  • This includes carrying dual-use or military goods, oil, and other critical goods to or from Russia and non-government controlled Ukrainian territories.

Revocation:

The previous amendment, Russia (Sanctions) (EU Exit) (Amendment) (No. 2) Regulations 2024, is revoked as it is anticipated that it will not be possible for those regulations to be approved by a resolution of each House of Parliament within 28 days of their creation. Consequently, they will cease to have effect in accordance with section 55(3)(b) of the Sanctions and Anti-Money Laundering Act 2018.

As of the date of this blog, there is no corresponding Overseas Territories implementing legislation yet.

Read the full Russia (Sanctions) (EU Exit) (Amendment) (No. 3) Regulations 2024, here