Section 60ZZA

The prohibitions in regulation 18B (investments in relation to Russia) are not contravened by any act done by a person (“P”) in satisfaction of an obligation of P arising under a contract— or an ancillary contract necessary for the satisfaction of such a contract, provided that P has notified the Treasury no later than the day five working days before the day on which the act is carried out. concluded before 16th December 2022, in the case of a relevant activity, or concluded before 19th July 2022, in any other case, The prohibitions in regulation 18B are not contravened by a person dealing, directly or indirectly, with— a transferable security where such dealing is prohibited by regulation 16; a relevant security issued by a person connected with Russia; or a relevant security issued by a relevant entity. In this regulation— “dealing with” a relevant security issued by a person connected with Russia or by a relevant entity includes a reference to purchasing or selling the security, providing investment services relating to the security or assisting in the issuance of the security; “person connected with Russia” is to be construed in accordance with regulation 19A(2); “relevant activity” means directly or indirectly acquiring any ownership interest in or control over a person, other than an individual, which is not a person connected with Russia, for the purpose of making funds or economic resources available— directly or indirectly to a person connected with Russia, or for the benefit of a person connected with Russia; “relevant entity” shall have the same meaning as it has in regulation 18B (investments in relation to Russia); “relevant security issued by a person connected with Russia” means a security issued by— which— a person connected with Russia; a person, other than an individual, which is owned by a person falling within sub-paragraph (a); or a person, other than an individual, acting on behalf or at the direction of a person within sub-paragraph (a) or sub-paragraph (b); is negotiable on the capital market; is of any of the following kinds, but excluding instruments of payment— shares in companies and other securities equivalent to shares in companies, partnerships or other entities, and depositary receipts in respect of shares; bonds or other forms of securitised debt, including depositary receipts in respect of such securities; any other securities giving the right to purchase or sell any security of a kind mentioned in paragraph (i) or (ii); and was admitted to trading on a regulated market or multilateral trading facility prior to 19th July 2022; “relevant security issued by a relevant entity” means a security issued by a relevant entity for the purpose of an activity not prohibited by regulation 18B which— is negotiable on the capital market, and is of any of the following kinds but excluding instruments of payment— shares in companies and other securities equivalent to shares in companies, partnerships or other entities, and depositary receipts in respect of shares; bonds or other forms of securitised debt, including depositary receipts in respect of such securities; any other securities giving the right to purchase or sell any security of a kind mentioned in sub-paragraph (i) or (ii); ... “transferable security” has the same meaning as it has in regulation 16 (dealing with transferable securities or money-market instruments).

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