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

Summary

This is a CIMA general industry notice, dated 17 October 2017, informing Cayman Islands regulated entities about the UK's Russia, Crimea and Sevastopol (Sanctions) (Overseas Territories) Order 2014 (SI 2014 No. 2710). The Order was made on 8 October 2014 and came into force on 16 October 2014, and it extends UK sanctions relating to Russia, Crimea and Sevastopol to specified Overseas Territories, including the Cayman Islands.

The underlying Order gives effect locally to EU Council sanctions decisions targeting Russia and the Crimea/Sevastopol region. It imposes a range of prohibitions, including:

• Bans on importing goods originating in Crimea or Sevastopol
• Bans on financing such imports
• Certain investment activities in Crimea, Sevastopol and Russia
• Supply of infrastructure-related equipment and technology to Crimea/Sevastopol
• An arms embargo on Russia
• Supply of dual-use goods/technology and related assistance to Russia
• Transfer of oil exploration technologies to Russia
• Provision of oil exploration services to Russia

The notice itself is informational: it alerts the industry to the existence and scope of the sanctions order and provides a link to the full legislative text, rather than creating new CIMA-specific filing or reporting requirements. Entities conducting business connected to Russia, Crimea or Sevastopol should ensure their activities comply with the prohibitions described.

Key obligations

• Refrain from importing goods originating in Crimea or Sevastopol
• Refrain from financing imports of goods originating in Crimea or Sevastopol
• Refrain from engaging in prohibited investment activities in Crimea, Sevastopol and Russia
• Refrain from supplying infrastructure development equipment or technology to Crimea or Sevastopol
• Comply with the arms embargo on Russia
• Refrain from supplying dual-use equipment, technology or related military/dual-use assistance to Russia
• Refrain from transferring oil exploration technologies to Russia
• Refrain from providing oil exploration services to Russia

Applies to

Cayman Islands regulated entities (general industry)

Deadlines

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