(1) The prohibitions in Chapter 4I (Oil and Oil Products) are not contravened by a relevant activity in relation to any oil and oil products which -

(a) originate in a country that is not Russia,

(b) are not owned by a person connected with Russia, and

(c) are only being loaded in, departing from or transiting through Russia.

(2) For the purposes of paragraph (1) -

"oil and oil products" 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 paragraph (1).