60I.—(1) The prohibitions in regulations 44 (financial services relating to energy-related goods) and 45 (brokering services: non-UK activity relating to energy-related goods) are not contravened in relation to the provision of insurance or reinsurance to a relevant person with regard to that person’s activities outside the energy sector in Russia.
(2) The prohibitions in Chapter 4 (energy-related goods and related activities) are not contravened by a relevant activity that is necessary for the purposes of a UK petroleum project.
(3) In this regulation—
“energy related goods” 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 paragraphs (1) and (2);
“relevant person” means a person who is not a person connected with Russia;
“UK petroleum project” means an oil or gas exploration or production project that is wholly or partially located within—
the United Kingdom;
waters adjacent to the United Kingdom up to the seaward limits of the territorial sea, or the seabed and subsoil below them;
areas from time to time designated under section 1(7) of the Continental Shelf Act 1964 (designation of areas of continental shelf), and any waters within the limits of such areas.]
Textual Amendments
F1Regs. 60H, 60I inserted (21.7.2022) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 14) Regulations 2022 (S.I. 2022/850), regs. 1(2), 19