Advisory Warning No. 10 of 2015 - The Russia, Crimea and Sevastopol (Sanctions) (Overseas Territories) (Amendment) Order 2015 (2015-12-16)

Summary

This is an Advisory Warning issued by the BVI Financial Services Commission notifying the public and industry that The Russia, Crimea and Sevastopol (Sanctions) (Overseas Territories) (Amendment) Order 2015 (UK S.I. 2015 No. 213) was ratified and extended to the British Virgin Islands on 11 March 2015. The Order amends the existing Russia, Crimea and Sevastopol (Sanctions) (Overseas Territories) Order 2014 to give effect to further EU restrictive measures against Russia and against Crimea and Sevastopol.

• Russia-related measures: Amends prohibitions (articles 7, 8, 8A, 9 and 11) and licensing provisions (article 13) of the Principal Order concerning sale, supply and related technical/financial assistance and brokering for items in Annex II to EU Regulation 833/2014, and for certain oil exploration and production projects.
• Crimea and Sevastopol measures: Introduces a ban on all foreign investment and related investment services in Crimea or Sevastopol.
• Export and technical assistance ban: Broadens prohibitions on export and associated technical/financial assistance to cover goods and technology suited for transport, telecommunications, energy, and oil/gas/mineral prospecting, exploration and production sectors.
• Infrastructure services ban: Bans provision of technical assistance, brokering, construction or engineering services relating to infrastructure in those sectors in Crimea or Sevastopol.
• Tourism services ban: Bans provision of services directly related to tourism activities in Crimea or Sevastopol.
• Licensing: Inserts new articles (5, 6, 6A, 6B) and provides for the Governor to license otherwise-prohibited activities in line with exemptions under the Crimea and Sevastopol sanctions regime.

The advisory is informational, alerting regulated entities and the public to sanctions law changes already extended to the Territory; it directs readers to the UK legislation and EU Council Decisions for full detail and to the consolidated sanctions list for ongoing updates.

Key obligations

• Persons and entities in or from the BVI must comply with the sanctions prohibitions on foreign investment and investment services in Crimea or Sevastopol.
• Must not export, supply, or provide technical or financial assistance or brokering services relating to goods/technology suited for transport, telecommunications, energy, or oil/gas/mineral prospecting, exploration and production in Crimea or Sevastopol.
• Must not provide technical assistance, brokering, construction or engineering services relating to infrastructure in the prohibited sectors in Crimea or Sevastopol.
• Must not provide services directly related to tourism activities in Crimea or Sevastopol.
• Any exempted activity under the Crimea and Sevastopol sanctions regime requires a licence from the Governor.

Applies to

financial services businesses, general public and industry practitioners in the British Virgin Islands