Section 60I

The prohibitions in regulations 44 (financial services relating to energy-related goods and energy-related technology) and 45 (brokering services: non-UK activity relating to energy-related goods and energy-related technology) are not contravened in relation to the provision of insurance or reinsurance to a relevant person with regard to that person’s activities outside the energy sector in Russia. The prohibitions in Chapter 4 (energy-related goods , energy-related technology and related activities) are not contravened by a relevant activity that is necessary for the purposes of a UK petroleum project. In this regulation— “energy related goods” has the meaning given in regulation 21(1) (interpretation of Part 5); “energy-related technology” has the meaning given in regulation 21(1) (interpretation of Part 5); “relevant activity” means any activity which would, in the absence of this regulation, contravene the prohibitions specified in paragraphs (1) and (2); “relevant person” means a person who is not a person connected with Russia; “UK petroleum project” means an oil or gas exploration or production project that is wholly or partially located within— the United Kingdom; waters adjacent to the United Kingdom up to the seaward limits of the territorial sea, or the seabed and subsoil below them; areas from time to time designated under section 1(7) of the Continental Shelf Act 1964 (designation of areas of continental shelf), and any waters within the limits of such areas.

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