These Regulations are made under the Sanctions and Anti-Money Laundering Act 2018 (c.13) to establish a sanctions regime under that Act in relation to Russia. These Regulations are made for the purpose of encouraging Russia to cease actions destabilising Ukraine or undermining or threatening the territorial integrity, sovereignty or independence of Ukraine. Following the UK’s withdrawal from the European Union, these Regulations will replace the EU sanctions regimes in relation to Russia. The EU sanctions regimes are currently implemented via EU Council Decisions and Regulations.
Local copy of SI

https://beta.parliament.uk/statutory-instruments/liXMNr0W