Section 46Z37

A person must not directly or indirectly provide, to a person connected with Russia, financial services in pursuance of or in connection with an arrangement whose object or effect is— directly or indirectly making sectoral software and technology available to a person; the transfer of sectoral software and technology; or the direct or indirect provision of technical assistance relating to sectoral software and technology. A person must not directly or indirectly make funds available to a person connected with Russia in pursuance of or in connection with an arrangement mentioned in paragraph (1). A person must not directly or indirectly provide financial services or funds in pursuance of or in connection with an arrangement whose object or effect is— directly or indirectly making sectoral software and technology available— to a person connected with Russia, or for use in Russia; the transfer of sectoral software and technology— to a person connected with Russia, or to a place in Russia; or the direct or indirect provision of technical assistance relating to sectoral software and technology— to a person connected with Russia, or for use in Russia. Paragraphs (1) to (3) are subject to Part 7 (Exceptions and licences). A person who contravenes a prohibition in any of paragraphs (1) to (3) commits an offence, but— it is a defence for a person charged with an offence of contravening paragraph (1) or (2) (“P”) to show that P did not know and had no reasonable cause to suspect that the person was connected with Russia; it is a defence for a person charged with the offence of contravening paragraph (3) to show that the person did not know and had no reasonable cause to suspect that the financial services or funds (as the case may be) were provided in pursuance of or in connection with an arrangement mentioned in that paragraph.

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