Advisory Warning No. 9 of 2015 - The Russia, Crimea and Sevastopol (Sanctions) (Overseas Territories) (Amendment) Order 2014 (2015-12-16)

Summary

This is an advisory notice from the BVI Financial Services Commission informing the public that a UK Order extending sanctions against Russia has been ratified and applied to the Virgin Islands. It implements EU Council Decision 2014/512/CFSP (as amended by 2014/659/CFSP) sanctions targeting Russia in relation to Crimea and Sevastopol.

• What the Order does: Extends The Russia, Crimea and Sevastopol (Sanctions) (Overseas Territories) (Amendment) Order 2014 (U.K.S.I. 2014 No. 2919) to the Virgin Islands, building on the Principal Order of 2014.
• Key restriction: Imposes a ban on supplying assistance related to the transfer of oil exploration technologies to Russia.
• Licensing exception: Allows the Governor to license such activities where exemptions apply under the sanctions regime.
• Reference material: Provides links to the EU Council Decisions and the UK legislation text for further detail.

The notice is informational, alerting industry and the public to the existence and content of the sanctions Order rather than creating new reporting or filing procedures beyond compliance with the sanctions themselves.

Key obligations

• Persons and entities must not supply assistance related to the transfer of oil exploration technologies to Russia unless licensed by the Governor under an applicable exemption.

Applies to

financial services providers, regulated entities, the public