Section 18A

A person (“P”) must not provide financial services to a person mentioned in paragraph (2) where— the financial services are for the purpose of foreign exchange reserve and asset management; and P knows, or has reasonable cause to suspect, that the financial services are provided to such a person. The persons mentioned in this paragraph are— the Central Bank of the Russian Federation, the National Wealth Fund of the Russian Federation, the Ministry of Finance of the Russian Federation, a person owned or controlled directly or indirectly (within the meaning of regulation 7) by a person mentioned in sub-paragraphs (a) to (c), or a person acting on behalf of or at the direction of a person mentioned in sub-paragraphs (a) to (c). Paragraph (1) is subject to Part 7 (Exceptions and licences). A person who contravenes the prohibition in paragraph (1) commits an offence.

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