Russia Sanctions Legislation Update 01 March 2024

​1. On 1 March 2024 the UK Government has updated its Russia sanctions regime through the Russia (Sanctions) (EU Exit) (Amendment) Regulations 2024 (the "Amendment Regulations"). The Amendment Regulations build on The Russia (Sanctions) (EU Exit) (Amendment) (No. 5) Regulations 2023 which ban the direct import of Russian origin diamonds and diamond jewellery, and which came into effect on 1 January 2024.

2. The Amendment Regulations create new trade prohibitions relating to the import of certain diamonds which originate in Russia and are processed in a third country and ban the provision of technical assistance, brokering and financial services in connection with the import of third country processed Russian diamonds. Third country processing can be a means of concealing the Russian origin of diamonds, and this measure is targeted at reducing circumvention of sanctions on Russian diamonds. 

3. The sanctions come into force today, Friday 1 March 2024, under the Russia (Sanctions) (EU Exit) Regulations 2019 (the "Russia Regulations") and are effective immediately in Jersey through the Sanctions and Asset-Freezing (Implementation of External Sanctions) (Jersey) Order 2021 (the "Sanctions Implementation Order").

​Amendments

4. The ban on third country processed Russian diamonds is set out in regulations 46Z16Q and 46Z16R, inserted as part of Chapter 4JC into Part 5 of the Russia Regulations by the Amendment Regulations.

5. The prohibition on the import of Russian diamonds processed in a third country was introduced, and came into effect, on 1 March 2024 for relevant diamonds equal to or larger than 1 carat in weight (0.2 grams or equivalent).

6. The prohibition will apply to relevant diamonds equal to or larger than 0.5 carats (0.1 grams or equivalent) from 1 September 2024. 

​Further Information

7. Find guidance on third country processed Russian diamonds measures and UK Russia sanctions: guidance.

8. Find more information on sanctions or sanctions on Jersey Financial Services Commission (JFSC).

9. Jersey guidance the Russia sanctions regime is available on sanctions by country and category on JFSC.

Enquiries 

10. ​​Any questions about this notice should be addressed to: 

Financial Sanctions Implementation Unit

sanctions@gov.je 

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