The Russia, Crimea and Sevastopol (Sanctions) (Overseas Territories) Order 2014 - Advisory Warning No. 8 of 2015 (2015-12-16)

Summary

This is an Advisory Warning from the BVI Financial Services Commission notifying the public and industry that the Russia, Crimea and Sevastopol (Sanctions) (Overseas Territories) Order 2014 (UK S.I. 2014 No. 2710) has been ratified and extended to the Virgin Islands. The Order gives effect locally to EU Council Decisions imposing sanctions on Russia, Crimea and Sevastopol.

• Import of goods originating in Crimea or Sevastopol
• Financing of such imports
• Certain investment activities in Crimea, Sevastopol and Russia
• Supply to Crimea and Sevastopol of infrastructure development equipment and technology
• Arms embargo on Russia
• Supply of dual use equipment and technology to Russia
• Assistance related to military and dual use goods
• Transfer of oil exploration technologies to Russia
• Provision of services for oil exploration to Russia

The Order allows the Governor to license certain otherwise prohibited activities under exemptions in the sanctions regime. The advisory is informational, directing licensees and the public to the full text of the Order and related EU Council Decisions for details.

Key obligations

• Regulated entities and persons in the Territory must not engage in the prohibited activities listed in the Order (import/financing of Crimea/Sevastopol goods, restricted investment activities, supply of infrastructure, dual-use or military-related equipment, arms, or oil exploration technology/services to Russia) unless licensed by the Governor under an applicable exemption.

Applies to

all regulated entities and persons in the British Virgin Islands, financial institutions