The Treasury has made an Order which applies in Island law the Export Control (Russia, Crimea and Sevastopol Sanctions) Order 2014 (SI 2014 No. 2357; “the applied Order”). The applied Order provides for the enforcement in Island law of certain trade and investment restrictions against Russia, and the annexed territory of Crimea and Sevastopol, contained in Council Regulation (EU) No. 833/2014.
These restrictions supplement those financial and economic sanctions imposed by other legislation, and the potential importation and exportation offences that would involve standard customs legislation.
The new provisions have effect from 26 September 2014 and apply to any “Island person” (i.e. any person, legal or natural, in the Island and to British citizens (of whatever category) and British protected persons who are normally resident in the Island, as well as to any body incorporated under the laws of the Island and limited liability companies registered in the Island).
The offences and penalties contained in the applied Order include prohibitions on –
- the trade in certain dual-use goods, technologies suited to deep water or Arctic oil exploration and production, or shale oil production
- trade with Crimea and Sevastopol in certain key equipment for the transport, telecommunications, energy, oil, gas and mineral resources sectors
- technical and financial assistance related to military goods and technology, and technologies suited to deep water or Arctic oil exploration and production, or shale oil production
- technical and financial assistance, or brokering services, related to dual-use goods, technology for a military use or end-user
- technical and financial assistance, insurance and reinsurance relating to goods originating in Crimea and Sevastopol, or investment in transport, telecommunications or energy, or enterprises involved in the exploitation of oil, gas or mineral resources in that region
- technical or financial assistance, or brokering services, related to such investments, or in respect of key equipment and technology for the transport, telecommunications, energy, oil, gas and mineral resources sectors
The applied Order also adds Russia to the list of countries and territories in the Export Control Order 2008 that are subject to stricter trade and transit controls on the movement of goods.
For more information please see the Customs and Excise website or contact Customs and Excise