PART 7Exceptions and licences
F1Trade: exception in relation to oil and oil products60H
1
The prohibitions in Chapter 4I (Oil and Oil Products) are not contravened by a relevant activity in relation to any oil and oil products which—
a
originate in a country that is not Russia,
b
are not owned by a person connected with Russia, and
c
are only being loaded in, departing from or transiting through Russia.
2
For the purposes of paragraph (1)—
“oil and oil products” has the meaning given in regulation 21(1) (interpretation of Part 5);
“relevant activity” means any activity which would, in the absence of this regulation, contravene the prohibitions specified in paragraph (1).