Section 100

Paragraphs (2) to (4) apply to a licence which— and such a licence is referred to in this regulation as “an existing financial sanctions licence”. was granted, or deemed to be granted, by the Treasury under the Ukraine Financial Sanctions Regulations, was in effect immediately before IP completion day, and authorises an act which would (on and after IP completion day, and in the absence of paragraphs (2) to (4)) be prohibited by Part 3 (Finance), An existing financial sanctions licence has effect on and after IP completion day as if it had been issued by the Treasury under regulation 64(1) (Treasury licences). Any reference in an existing financial sanctions licence to the Ukraine Financial Sanctions Regulations is to be treated on and after IP completion day as a reference to these Regulations. Any reference in an existing financial sanctions licence to a prohibition in— is to be treated on and after IP completion day as a reference to the corresponding prohibition in Part 3 (Finance). the Ukraine Financial Sanctions Regulations, or the EU Russia Regulations, Paragraph (6) applies where— an application for a licence, or for the variation of a licence, under the Ukraine Financial Sanctions Regulations was made before IP completion day, the application is for authorisation of acts which would (on and after IP completion day) be prohibited by Part 3, and a decision to grant or refuse the application has not been made before that date. The application is to be treated on and after IP completion day as an application for a licence, or for the variation of a licence (as the case may be), under regulation 64(1) (Treasury licences).

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Source: legislation.gov.uk · retrieved 2026-08-30