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There are currently no known outstanding effects for the The Russia (Sanctions) (EU Exit) Regulations 2019, Section 17.
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17.—(1) A person (“P”) must not directly or indirectly grant a relevant loan if P knows, or has reasonable cause to suspect, that P is granting a relevant loan.
(2) A person must not directly or indirectly enter into any arrangement to grant a relevant loan if the person knows, or has reasonable cause to suspect, that the arrangement relates to a relevant loan.
[F1(2A) A person must not make funds or economic resources available to a relevant entity (“E”) where the purposes of making those funds or economic resources available is to enable E to grant a relevant loan on or after 16th December 2022.]
(3) Paragraphs (1) [F2, (2) and (2A)] are subject to [F3Part 7 (Exceptions and licences)].
(4) A person who contravenes a prohibition in paragraph (1) [F4, (2) or (2A)] commits an offence.
(5) In this regulation—
F5...
[F6“category 1 loan” means a loan or credit—
with a maturity exceeding 30 days,
made or granted to—
a person falling within Schedule 2,
a person, other than an individual, which is—
incorporated or constituted under the law of a non-UK country, and
owned F7... by a person within paragraph (i), or
a person, other than an individual, acting on behalf or at the direction of a person within paragraph (i) or paragraph (ii), and
which is first made or granted at any time after IP completion day;
“category 2 loan” means a loan or credit—
with a maturity exceeding 30 days,
made or granted to a person, other than an individual, which is—
incorporated or constituted under the law of any part of the United Kingdom, and
owned F8... by a person falling within Schedule 2, and
which is first made or granted at any time on or after 1st March 2022;
“category 3 loan” means a loan or credit—
with a maturity exceeding 30 days,
made or granted to a person, other than an individual, which is—
connected with Russia,
owned F9... by a person within sub-paragraph (i), or
a person, other than an individual, acting on behalf or at the direction of a person within paragraph (i) or paragraph (ii),
[F10which is first made or granted at any time on or after 1st March 2022 but before [F1129th October 2022], and,]
which is not—
a category 1 loan, a category 2 loan or a category 4 loan, or
a loan made or granted to—
a person, other than an individual, which on 1st March 2022 is domiciled in a country other than Russia,
a person, other than an individual, which is owned by a person falling within sub-paragraph (aa), or
a person, other than an individual, acting on behalf or at the direction of a person within sub-paragraph (aa) or sub-paragraph (bb);
“category 4 loan” means a loan or credit—
made or granted to the Government of Russia,
which is first made or granted at any time on or after 1st March 2022;]
[F12“category 5 loan” means a loan or credit—
with a maturity exceeding 30 days,
made or granted to a person, other than an individual—
which is connected with Russia, other than—
a person which on [F1329th October 2022] is incorporated or constituted in a country other than Russia, or
a person which is owned by a person falling within paragraph (aa),
a person which is owned by a person within sub-paragraph (i), or
a person which is owned by a person connected with Russia who is an individual,
which is first made or granted at any time on or after [F1329th October 2022], and
which is not a category 1 loan, a category 2 loan, a category 3 loan or a category 4 loan.]
[F14“category 6 loan” means a loan or credit—
made or granted to a relevant entity,
which is for the purposes of an activity mentioned in regulation 18B(2),
which is first made or granted at any time on or after 16th December 2022, and
which is not a category 1 loan, a category 2 loan, a category 3 loan, a category 4 loan or a category 5 loan;]
“non-UK country” means a country that is not the United Kingdom;
[F15“owned” means owned within the meaning of regulation 16(7);]
[F16“relevant entity” has the meaning given in regulation 18B(8);]
[F17“relevant loan” means a category 1 loan, a category 2 loan, a category 3 loan [F18, a category 4 loan [F19, a category 5 loan or a category 6 loan]];]
F20...
Textual Amendments
F1Reg. 17(2A) inserted (16.12.2022) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 17) Regulations 2022 (S.I. 2022/1331), regs. 1(2)(b), 5(a)
F2Words in reg. 17(3) substituted (16.12.2022) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 17) Regulations 2022 (S.I. 2022/1331), regs. 1(2)(b), 5(b)
F3Words in reg. 17(3) substituted (1.3.2022) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 2) Regulations 2022 (S.I. 2022/194), regs. 1(2), 6(a)
F4Words in reg. 17(4) substituted (16.12.2022) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 17) Regulations 2022 (S.I. 2022/1331), regs. 1(2)(b), 5(c)
F5Words in reg. 17(5) omitted (16.12.2022) by virtue of The Russia (Sanctions) (EU Exit) (Amendment) (No. 17) Regulations 2022 (S.I. 2022/1331), regs. 1(2)(b), 5(d)(i)
F6Words in reg. 17(5) inserted (1.3.2022) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 2) Regulations 2022 (S.I. 2022/194), regs. 1(2), 6(b)(i)
F7Words in reg. 17(5) omitted (29.10.2022) by virtue of The Russia (Sanctions) (EU Exit) (Amendment) (No. 15) Regulations 2022 (S.I. 2022/1110), regs. 1(2)(b), 3(3)
F8Words in reg. 17(5) omitted (29.10.2022) by virtue of The Russia (Sanctions) (EU Exit) (Amendment) (No. 15) Regulations 2022 (S.I. 2022/1110), regs. 1(2)(b), 3(4)
F9Words in reg. 17(5) omitted (29.10.2022) by virtue of The Russia (Sanctions) (EU Exit) (Amendment) (No. 15) Regulations 2022 (S.I. 2022/1110), regs. 1(2)(b), 3(5)(a)
F10Words in reg. 17(5) substituted (29.10.2022) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 15) Regulations 2022 (S.I. 2022/1110), regs. 1(2)(b), 3(5)(b)
F11Words in reg. 17(5) substituted (16.12.2022) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 17) Regulations 2022 (S.I. 2022/1331), regs. 1(2)(b), 5(d)(ii)
F12Words in reg. 17(5) inserted (29.10.2022) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 15) Regulations 2022 (S.I. 2022/1110), regs. 1(2)(b), 3(6)
F13Words in reg. 17(5) substituted (16.12.2022) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 17) Regulations 2022 (S.I. 2022/1331), regs. 1(2)(b), 5(d)(iii)
F14Words in reg. 17(5) inserted (16.12.2022) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 17) Regulations 2022 (S.I. 2022/1331), regs. 1(2)(b), 5(d)(iv)
F15Words in reg. 17(5) inserted (29.10.2022) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 15) Regulations 2022 (S.I. 2022/1110), regs. 1(2)(b), 3(7)
F16Words in reg. 17(5) inserted (16.12.2022) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 17) Regulations 2022 (S.I. 2022/1331), regs. 1(2)(b), 5(d)(v)
F17Words in reg. 17(5) substituted (1.3.2022) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 2) Regulations 2022 (S.I. 2022/194), regs. 1(2), 6(b)(ii)
F18Words in reg. 17(5) substituted (29.10.2022) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 15) Regulations 2022 (S.I. 2022/1110), regs. 1(2)(b), 3(8)
F19Words in reg. 17(5) substituted (16.12.2022) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 17) Regulations 2022 (S.I. 2022/1331), regs. 1(2)(b), 5(d)(vi)
F20Words in reg. 17(5) omitted (1.3.2022) by virtue of The Russia (Sanctions) (EU Exit) (Amendment) (No. 2) Regulations 2022 (S.I. 2022/194), regs. 1(2), 6(b)(iii)
Commencement Information
I1Reg. 17 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
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