Section 101(3)

Paragraphs (4) to (6) apply to a licence or authorisation granted by the Secretary of State which— was in effect immediately before IP completion day, ... is not an existing trade licence, and authorises an act— and such a licence or authorisation is referred to in this regulation as “an existing trade sanctions licence”. which would otherwise be prohibited by the EU Russia Regulations, and which would (on or after IP completion day), and in the absence of Paragraphs (4) to (6), be prohibited by Part 5 (Trade),

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