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The Russia (Sanctions) (EU Exit) (Amendment) Regulations 2024
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- UK Statutory Instruments
- 2024 No. 218
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EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations are made under the Sanctions and Anti-Money Laundering Act 2018 (c. 13) to amend the Russia (Sanctions) (EU Exit) Regulations 2019 (S.I. 2019/855) (“the 2019 Regulations”).
Regulation 2 creates new trade prohibitions in the 2019 Regulations relating to the import of certain diamonds which originate in Russia and are processed in a third country and ancillary activities relating to such imports.
A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, public or voluntary sector is foreseen. A de minimis assessment has been prepared as this instrument is likely to entail some costs for businesses, but the net impact is estimated to be below £10 million per year.
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