The Russia (Sanctions) (EU Exit) (Amendment) Regulations 2026

Insertion of regulation 60J

17.  After regulation 60I insert—

Trade: exceptions in relation to certain restricted goods

60J.— (1) The prohibitions specified in paragraph (2), in so far as they apply to the goods specified in paragraph (3), are not contravened by any act done by a person (“P”) in satisfaction of an obligation arising under a contract concluded before 20th May 2026, or an ancillary contract necessary for the satisfaction of such a contract, provided that—

(a) the act is carried out before the end of 20th November 2026, and

(b) P notifies the Secretary of State of that act, before or after the act is carried out, by the end of 20th November 2026.

(2) The prohibitions specified in this paragraph are—

(a) regulation 22(1) (export of restricted goods);

(b) regulation 24(1)(a) (supply and delivery of restricted goods);

(c) regulation 25(1)(a) and (b) (making restricted goods available);

(d) regulation 27(1) (technical assistance);

(e) regulation 28(1)(a) to (c), (e), (2), (3)(a) to (c) and (e) (financial services);

(f) regulation 29(1)(a) and (b) and (e) to (h) (brokering services).

(3) The goods specified in this paragraph are—

(a) any thing specified in Part 1C of Schedule 2A (ancillary chemicals used in advanced chip production);

(b) any thing specified in Part 3 of Schedule 2E (quantum computing and related goods);

(c) any thing specified in Part 5 of Schedule 3C (engineering biology - ancillary goods).

Trade: exceptions in relation to uranium

60K.— (1) The prohibitions in regulations 46Z23C(1), 46Z23D(1), 46Z23E(1)(b) and (c), 46Z23F(1)(b) and (c) and 46Z23G(1) are not contravened by a relevant activity done by a person that is necessary for the continued operation of a nuclear installation in a third country, where the installation was operational on the relevant date.

(2) The prohibitions in regulations 46Z23C(1)(a), 46Z23E(1)(b)(i), 46Z23F(1)(b)(i) and 46Z23G(1) are not contravened in relation to uranium—

(a) exported from Russia before the relevant date, and

(b) stored in a third country.

(3) For the purposes of paragraphs (1) and (2)—

“nuclear installation” has the same meaning as given in section 26(1) of the Nuclear Installations Act 1965(1);

“relevant activity” means any activity which would, in absence of this regulation, contravene the prohibitions specified in paragraph (1);

“relevant date” means 20th May 2026;

“third country” means a country that is not the United Kingdom, the Isle of Man or Russia.

Trade: exceptions in relation to the maritime transportation of liquefied natural gas

60L.— (1) The prohibitions in regulations 46Z29B(1), 46Z29C(1) and 46Z29D(1) are not contravened by a relevant activity done by a person in connection with an obligation arising under a contract for the supply of liquefied natural gas concluded before 17th June 2025, provided that—

(a) the duration of the contract exceeds one year,

(b) the terms of the contract are not amended after 17th June 2025, except—

(i) to lower contracted quantities;

(ii) to lower prices and fees;

(iii) to amend a confidentiality clause;

(iv) to amend operational procedures, including communication procedures;

(v) to change the addresses of contract parties;

(vi) to transfer contractual obligations between affiliated undertakings;

(vii) to implement any amendments required by judicial or arbitration procedures;

(viii) in respect of landlocked countries, to amend delivery points at national borders, and

(c) the relevant activity is carried out before the end of 1st January 2027.

(2) The prohibitions in regulation 46Z29C(1) (financial services and funds relating to maritime transportation of liquefied natural gas) are not contravened by a relevant activity done by—

(a) a person trading in derivatives (“P”),

(b) a derivatives broker providing services to P, or

(c) a relevant institution processing payments in relation to the activities in sub-paragraphs (a) or (b).

(3) For the purposes of this regulation—

“Regulated Activities Order” means the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001(2);

“arranging deals in investments” means the activities specified in article 25 of the Regulated Activities Order(3);

“buying” has the meaning given in article 3(1) of the Regulated Activities Order;

“derivatives” means those financial instruments—

(a)

defined in Article 2(1)(29) of Regulation (EU) 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) 648/2012(4), or

(b)

specified in articles 83 to 85 of the Regulated Activities Order(5);

“derivatives broker” means a person who undertakes the following activities in relation to derivatives—

(a)

buying,

(b)

selling,

(c)

arranging deals in investments,

(d)

operating a multilateral trading facility, or

(e)

operating an organised trading facility;

“operating a multilateral trading facility” means the activities specified in article 25D of the Regulated Activities Order(6);

“operating an organised trading facility” means the activities specified in article 25DA of the Regulated Activities Order(7);

“relevant activity” means any activity which would, in absence of this regulation, contravene the prohibitions specified in paragraphs (1) and (2);

“relevant institution” means—

(a)

a person that has permission under Part 4A of the Financial Services and Markets Act 2000(8),

(b)

a person that is authorised or registered under Part 2 of the Payment Services Regulations 2017(9),

(c)

a person that is authorised or registered under Part 2 of the Electronic Money Regulations 2011(10),

(d)

a person that is a “recognised clearing house”, “third country central counterparty”, “recognised CSD” or “third country CSD” for the purposes of section 285 of the Financial Services and Markets Act 2000(11), or

(e)

a person that is an operator of a recognised payment system (or that is a service provider in relation to recognised payment systems) for the purposes of Part 5 of the Banking Act 2009(12);

“selling” has the meaning given in article 3(1) of the Regulated Activities Order.”.

(1)

1965 c. 57.

(2)

S.I. 2001/544. Relevant amendments were made by S.I. 2003/1476, S.I. 2006/3384, S.I. 2010/86, S.I. 2011/1613, S.I. 2017/488, S.I. 2019/632, S.I. 2024/105, S.I. 2025/1020 and S.I. 2025/1078.

(3)

S.I. 2001/544. Article 25 was amended by S.I. 2003/1476, S.I. 2006/3384, S.I. 2017/488 and S.I. 2024/105.

(4)

EUR 2014/600; article 2(1)(29) was substituted by S.I. 2018/1403.

(5)

Articles 83 to 85 were amended by S.I. 2006/3384, S.I. 2011/1613, S.I. 2019/632 and S.I. 2025/1020. Article 84 was also amended by S.I. 2017/488.

(6)

Article 25D was inserted by S.I. 2006/3384 and amended by S.I. 2010/86, S.I. 2017/488 and S.I. 2024/105.

(7)

Article 25DA was inserted by S.I. 2017/488 and amended by S.I. 2024/105.

(8)

2000 c. 8. Part 4A was inserted by section 11(2) of the Financial Services Act 2012 (c. 21). Part 4A was amended by paragraph 2 of Schedule 11 to the Financial Services Act 2021 (c. 22); section 20, paragraph 1 of Schedule 1, paragraphs 4 to 12 of Schedule 5 and paragraphs 4 to 6 of Schedule 8 to the Financial Services and Markets Act 2023 (c. 29); S.I. 2013/1773, S.I. 2015/910, S.I. 2016/225, S.I. 2016/680, S.I. 2016/1239, S.I. 2017/701, S.I. 2017/1064, S.I. 2018/135, S.I. 2018/546, S.I. 2018/698, S.I. 2018/1149, S.I. 2019/632, S.I. 2021/1376, S.I. 2023/1410 and S.I. 2023/1424.

(9)

S.I. 2017/752 as amended by S.I. 2018/1201, S.I. 2019/577, S.I. 2020/591 and S.I. 2022/1080.

(10)

S.I. 2011/99 as amended by S.I. 2011/2742, S.I. 2016/937, S.I. 2017/692, S.I. 2017/752, S.I. 2018/1201 and S.I. 2019/577.

(11)

Section 285 has been amended by section 28 of the Financial Services Act 2012 (c. 21), S.I. 2013/504, S.I. 2017/1064, S.I. 2018/135, S.I. 2018/1184 and S.I. 2019/662.

(12)

2009 c. 1. Part 5 has been amended by section 20 of, and paragraphs 44 and 45 of Schedule 2 to, the Financial Services Act 2010 (c. 28); section 104, paragraph 60 of Schedule 2 and paragraph 53 of Schedule 17 to the Financial Services Act 2012; paragraphs 2 to 9, 15, 18 to 28 of Schedule 9 to the Digital Economy Act 2017 (c. 30); section 75 of, and paragraphs 2 to 38 of Schedule 6 to, the Financial Services and Markets Act 2023; S.I. 2010/22, S.I. 2017/1167 and S.I. 2018/1201.