delete British overseas territories
This Order amends the Russia (Sanctions) (Overseas Territories) Order 2020 to extend Russia sanctions to British overseas territories. It makes technical amendments to replace references to 'United Kingdom, the Isle of Man' with 'Territory' in various interpretation provisions of the Russia (Sanctions) (EU Exit) Regulations 2019, as applied to overseas territories. The amendments affect definitions of 'third country' in regulations 46Z16J, 46Z16Q, and 57F, and regulation 60GC regarding diamond trade exceptions.
Sanctions are government-imposed trade restrictions that distort market outcomes, raise compliance costs for businesses in overseas territories, and represent regulatory control over private commerce. While motivated by foreign policy objectives, these sanctions restrict British territories' ability to engage in free trade with Russia. The diamond trade exception specifically creates market distortions in the gems trade. As part of the retained EU sanctions regime inherited post-Brexit without democratic scrutiny, these restrictions on trade should be reconsidered rather than extended. Overseas territories should have the autonomy to determine their own trade relationships.