Part 1: Sanctions regulations Chapter 1: Power to make sanctions regulations Section 3: Financial sanctions
Section 3 sets out the types of financial sanctions that can be imposed. Subsection (1)(a) enables the government to subject a designated person to an asset freeze. Asset-freezing means that it is generally prohibited to deal with the frozen funds or economic resources, belonging to or owned, held or controlled by a designated person. This would limit a designated person’s ability to deal with any economic resource or funds they currently own, hold, or control. The terms "funds", "economic resources" and "freeze" are defined in section 60 of the Act.
	Subsections (1)(b) and (c) contain wide powers enabling the government to prevent financial services from being provided to, or being procured from, prescribed persons (including designated persons). This enables the government to impose wider financial restrictions, including prohibitions on access to finance and capital markets. This could include, but is not limited to, prohibiting the supply of financial services to certain markets, or sections of markets, or preventing the transfer of funds to a country, region or sector. An example of this is the sectoral measures currently in place aimed at limiting access to EU capital markets for Russian State-owned financial institutions. The term "financial services" is defined in section 61.
	Subsection (1)(d) enables the government to prohibit funds and economic resources being made available to, or for the benefit of, prescribed persons (including designated persons). This provision also forms part of an asset freeze. "Financial products" are also defined in section 61.
	Subsections (1)(g) and (2) enable the government to place restrictions on owning, controlling or having a prescribed interest in, or commencing or maintaining commercial relationships with, prescribed persons (including designated persons). These powers enable the government to put in place the wide range of sanctions currently implemented via EU legislation.
	Subsection (3) provides that the powers in subsection (1) include the ability to prohibit funds, economic resources or financial services being made available, received, procured or provided, either directly or indirectly to, from, or by a designated person.
	Subsections (4) to (6) deal with terms used in the section.