Russia Crimea and Sevastopol (Sanctions) (Overseas Territories) (Amendment) Order 2014 (2017-10-17)

Summary

This is a General Industry Notice issued by CIMA on 17 October 2017 informing the Cayman Islands financial industry about a UK statutory instrument, the Russia, Crimea and Sevastopol (Sanctions) (Overseas Territories) (Amendment) Order 2014 (SI 2014 No. 2919).

• Made: 5 November 2014.
• Laid before UK Parliament: 12 November 2014.
• Came into force: 13 November 2014, extending to Overseas Territories including the Cayman Islands under Article 1(3) of the Order.

The Order implements EU sanctions against Russia (EU Council Decision 2014/512/CFSP as amended) by imposing a ban on providing assistance related to the transfer of oil exploration technologies to Russia. It also allows the Governor to license such activities where exemptions under the sanctions regime apply.

The notice itself is informational, alerting Cayman Islands entities to the existence and effect of this UK sanctions legislation and providing a link to the full text of the Order. It does not itself create new CIMA-specific reporting or filing requirements beyond directing industry to be aware of and comply with the underlying sanctions law.

Key obligations

• Comply with the ban on providing assistance related to the transfer of oil exploration technologies to Russia, as imposed by the Order
• Obtain a licence from the Governor before engaging in activities relating to oil exploration technology transfers to Russia that would otherwise be prohibited, where an exemption under the sanctions regime may apply

Deadlines

• 13th November, 2014: Date the Russia, Crimea and Sevastopol (Sanctions) (Overseas Territories) (Amendment) Order 2014 came into force in the Cayman Islands and other specified Overseas Territories