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The Russia (Sanctions) (Overseas Territories) Order 2020

Type Statutory-Instrument
Publication 2020-12-16
Last updated 2025-12-11
State In force
Department King's Printer of Acts of Parliament
Source legislation.gov.uk
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  • (c) in the definition of “frozen funds or economic resources” in paragraph 1(1), for “the designation of that person for the purpose of that regulation” substitute “ that person being a designated person for the purposes of Part 3 (Finance) as defined in regulation 10 (meaning of “designated person” in Part 3) ”;
  • (d) in paragraph 6 (judicial decisions etc.), for “United Kingdom” substitute “Territory”;
  • (e) in paragraph 9D(2) (diplomatic missions etc.), for “diplomatic mission or consular post of Russia in the United Kingdom” substitute “consular post of Russia in the Territory”;
  • (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”;
  • (ed) for paragraph 9DD (insolvency) substitute—

(9DD) (1) To enable anything to be done in connection with— (a) any insolvency and restructuring proceedings relating to an insolvent person, or (b) proceedings, under the insolvency law of any country other than the Territory, that correspond to the proceedings in paragraph (a), provided that any payments made directly or indirectly to a designated person are credited to a frozen account. (2) In this paragraph— - “designated person” has the same meaning as it has in Chapter 1 of Part 3 (finance); - “frozen account” has the meaning given in section 54(6) of the Act; - “insolvency and restructuring proceedings” includes—any proceedings, under any law relating to insolvency for the time being in force in the Territory, whereby, for a set period of time, the creditors of an insolvent person are precluded from taking action against the insolvent person;any arrangement, under any such law, involving an agreement between an insolvent person and its creditors which is administered by an insolvency practitioner, and “insolvency practitioner” has the meaning given by regulation 71(2H);any administration procedure, under any such law, in accordance with which proceedings, actions or other steps against an insolvent person are prohibited for the purpose of allowing the insolvent person to do either or both of the following—reorganise assets;realise assets;any receivership procedure, under any such law, whereby a secured creditor of an insolvent person can appoint an administrative receiver to manage and sell the insolvent person’s business and assets;any proceedings, under any such law, for the winding up of a company but excluding any proceedings relating to the winding up of a solvent company;any arrangement or scheme sanctioned by a court, under any such law, between a company and its members or creditors which can be used to effect solvent reorganisation of the company or effect insolvent restructurings; - “insolvent person” means a person (“P”), other than an individual, where—P is unable to pay its debts as they fall due, orthe value of P’s assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities.

  • (f) in paragraph 9H(2) (diplomatic missions etc.), for “diplomatic mission or consular post of Russia in the United Kingdom” substitute “consular post of Russia in the Territory”;
  • (g) in paragraph 9I (space), for “United Kingdom person” substitute “Territory person”;
  • (h) in paragraph 9N(2) (financial regulation), for “United Kingdom, including the Financial Conduct Authority, the Prudential Regulation Authority and the Bank of England” substitute “Territory”;
  • (i) in the heading of Part 1C (Sterling payments), at the end insert “etc.”;
  • (j) in paragraph 9S(2) (diplomatic missions etc.), for “diplomatic mission or consular post of Russia in the United Kingdom” substitute “consular post of Russia in the Territory”;
  • (k) in paragraph 9T (space), for “United Kingdom person” substitute “Territory person”;
  • (ka) in paragraph 9TA (other licensing purposes), for “Treasury” substitute “Governor”;
  • (l) in paragraph 9V(2) (financial regulation), for “United Kingdom, including the Financial Conduct Authority, the Prudential Regulation Authority and the Bank of England” substitute “Territory”;
  • (m) in paragraph 9W (financial stability), for “Bank of England, that is necessary or expedient in order to protect or enhance the stability of the financial system of United Kingdom” substitute “central monetary authority for the Territory, that is necessary or expedient in order to protect or enhance the stability of the financial system of the Territory”;
  • (n) in paragraph 9X (safety and soundness of a firm), for “the relevant supervising authority or authorities, that is necessary or expedient in order to promote the safety and soundness of a firm which is supervised by the Bank of England, the Prudential Regulation Authority or the Financial Conduct Authority” substitute “the authority responsible for the regulation of financial services in the Territory, that is necessary or expedient in order to promote the safety and soundness of a firm which is supervised by that authority”.
  • (o) in paragraph 18(2) (diplomatic missions etc.), for “diplomatic mission or consular post of Russia in the United Kingdom” substitute “consular post of Russia in the Territory”;
  • (p) in paragraph 19 (safety and soundness of a firm), for “the relevant supervising authority or authorities, that is necessary or expedient in order to promote the safety and soundness of a firm which is supervised by the Bank of England, the Prudential Regulation Authority or the Financial Conduct Authority” substitute “the authority responsible for the regulation of financial services in the Territory, that is necessary or expedient in order to promote the safety and soundness of a firm which is supervised by that authority;”
  • (q) in paragraph 20 (space), for “United Kingdom person” substitute “Territory person”;
  • (r) in paragraph 20F (safety and soundness of a firm), for “the Bank of England, the Prudential Regulation Authority or the Financial Conduct Authority” substitute “the relevant authority of the Territory;
  • (s) for paragraph 20H (financial stability), substitute—

(20H) To enable anything to be done by a person, following consultation by that person (or a person acting on their behalf) with the relevant financial authority of the Territory, that is necessary or expedient in order to protect or enhance the stability of the financial system of the Territory.

Signed

Richard Tilbrook — Clerk of the Privy Council

Explanatory note

(This note is not part of the Order)

Footnotes

4

S.I. 2019/855, prospectively amended by S.I. 2020/590 and S.I. 2020/951.

5

1981 c.61. Part IV has been amended by the British Overseas Territories Act 2002 (c.8), section 1(1)(b); and the Nationality, Immigration and Asylum Act 2002 (c.41), Schedule 2, paragraph 1(i).

6

ETS Numbers 005, 009, 046, 114, 117, 177, 187 and CETS Numbers 194, 213 and 214.

7

United Nations Treaty Series, vol. 189, p. 137 and vol. 606, p. 267.

8

2000 c.8. Part 4A was inserted by the Financial Services Act 2012 (c.21), section 11(2) and most recently amended by S.I. 2018/1149; it is prospectively amended by S.I. 2019/632.

9

1979 c. 38. Section 1 was amended by the Law Reform (Miscellaneous Provisions) (Scotland) Act 1985 (c.73), Schedule 1, paragraph 40; the Planning (Consequential Provisions) Act 1990 (c.11), Schedule 2, paragraph 42; the Planning (Consequential Provisions) (Scotland) Act 1997 (c.11), Schedule 2, paragraph 28; the Enterprise and Regulatory Reform Act 2013 (c.24), section 70; S.I. 1991/2684; S.I. 2000/121; and S.I. 2001/1283.

10

2005 c.15. Chapter 1 of Part 2 has been amended by the Terrorism Act 2006 (c.11), section 33(2) to (4); the Northern Ireland (Miscellaneous Provisions) Act 2006 (c.33), sections 26(2) and 30(2) and Schedules 3 and 5; the Bribery Act 2010 (c.23), section 17(2) and Schedule 1; the Criminal Justice and Licensing (Scotland) Act 2010 (asp.13), section 203 and Schedule 7, paragraph 77; the Crime and Courts Act 2013 (c.22), section 15 and Schedule 8, paragraphs 157 and 159; the Criminal Finances Act 2017 (c.22), section 51(1); the Sanctions and Anti-Money Laundering Act 2018, section 59(4) and Schedule 3, paragraph 4; and S.I. 2014/834.

11

S.I. 2014/1098, as amended by S.1. 2018/1076.

  • 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

Editorial notes

16

S.I. 2019/855, prospectively amended by S.I. 2020/590 and S.I. 2020/951.

18

ETS Numbers 005, 009, 046, 114, 117, 177, 187 and CETS Numbers 194, 213 and 214.

19

United Nations Treaty Series, vol. 189, p. 137 and vol. 606, p. 267.

20

2000 c.8. Part 4A was inserted by the Financial Services Act 2012 (c.21), section 11(2) and most recently amended by S.I. 2018/1149; it is prospectively amended by S.I. 2019/632.

22

2005 c.15. Chapter 1 of Part 2 has been amended by the Terrorism Act 2006 (c.11), section 33(2) to (4); the Northern Ireland (Miscellaneous Provisions) Act 2006 (c.33), sections 26(2) and 30(2) and Schedules 3 and 5; the Bribery Act 2010 (c.23), section 17(2) and Schedule 1; the Criminal Justice and Licensing (Scotland) Act 2010 (asp.13), section 203 and Schedule 7, paragraph 77; the Crime and Courts Act 2013 (c.22), section 15 and Schedule 8, paragraphs 157 and 159; the Criminal Finances Act 2017 (c.22), section 51(1); the Sanctions and Anti-Money Laundering Act 2018, section 59(4) and Schedule 3, paragraph 4; and S.I. 2014/834.

23

S.I. 2014/1098, as amended by S.1. 2018/1076.

25

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