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The Russia, Crimea and Sevastopol (Sanctions) (Overseas Territories) Order 2014 - Advisory Warning No. 8 of 2015 (16 December 2015)


Advisory Warning No. 8 of 2015

16 December, 2015

ADVISORY WARNING

 

The Russia, Crimea and Sevastopol (Sanctions) (Overseas Territories) Order 2014

(U.K.S.I. 2014 No. 2710)

 

The British Virgin Islands Financial Services Commission (the “FSC”) is advising the public that on 16th October 2014, The Russia, Crimea and Sevastopol (Sanctions) (Overseas Territories) Order 2014 (the “Order”) was ratified and extended to the Territory.

NOTICE IS HEREBY GIVEN that this Order has been extended to the Territory by virtue of Schedule 1 to the Order.

AND NOTICE IS FURTHER GIVEN that this Order gives effect in specified Overseas Territories to sanctions imposed on Crimea, Sevastopol and Russia by EU Council Decision 2014/386/CFSP of 23 June 2014 (as amended by EU Council Decision 2014/507/CFSP of 30 July 2014) and EU Council Decision 2014/512/CFSP of 31 July 2014 (as amended by EU Council Decision 2014/659/CFSP of 8 September 2014). 

The sanctions imposed include—

(a) a ban on the import of goods originating in Crimea or Sevastopol;

(b) a ban on financing such imports;

(c) a prohibition on certain investment activities in Crimea and Sevastopol and Russia;

(d) a  ban  on  the  supply  to  Crimea  and  Sevastopol  of  equipment  and  technology  related to infrastructure development;

(e) the imposition of an arms embargo on Russia;

(f) a ban on the supply of dual-use equipment and technology to Russia;

(g) a ban on the supply of assistance related to military and dual-use goods

(h) a ban on the transfer of oil exploration technologies to Russia; and

(i) a ban on the provision of services for oil exploration to Russia.

The Order makes provision for the Governor to license certain activities in line with exemptions under the sanctions regime.

The European Union in Council Decision 2014/386 CFSP of 23rd June, 2014 may be viewed in its entirety at the following URL:

http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32014D0386&rid=1

The European Union in Council Decision 2014/507 CFSP of 30th July, 2014 may be viewed in its entirety at the following URL:

http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32014D0507&rid=1

The European Union in Council Decision 2014/512 CFSP of 31st July, 2014 may be viewed in its entirety at the following URL:

http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32014D0512&rid=1

The European Union in Council Decision 2014/659 CFSP of 8th September, 2014 may be viewed in its entirety at the following URL:

http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32014D0659&rid=1

The Russia, Crimea and Sevastopol (Sanctions) (Overseas Territories) Order 2014 may be viewed in its entirety at the following URL:

http://www.legislation.gov.uk/uksi/2014/2710/contents/made

Additional Links of Interest:

Consolidated list of financial sanctions targets in the UK – this link updates automatically as new Orders are ratified and extended to the Overseas Territories:

http://hmt-sanctions.s3.amazonaws.com/sanctionsconlist.pdf

List of all Sanctions Orders still enforced and extended to the Overseas Territories: 

http://www.legislation.gov.uk/all?title=sanctions

 

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Contact Information

British Virgin Islands Financial Services Commission


Pasea Estate
P.O. Box 418
Road Town, Tortola, VG 1110
British Virgin Islands

Tel: 284-494-1324 or 284-494-4190 GMT – 4:00
Fax: 284-494-5016
Hours: Monday-Friday 8:30a.m. - 4:30p.m.
commissioner@bvifsc.vg