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.

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.

Paragraphs (1) and (2) are subject to Part 6 (Exceptions and licences).

A person who contravenes a prohibition in paragraph (1) or (2) commits an offence.

In this regulation—

• “category A loan” means a loan or credit which—

  1. a

     has a maturity exceeding 90 days,

  2. b

     is made or granted to a relevant person, and

  3. c

     is first made or granted—

     1. aa

        after the date on which the Amendment Regulations 2021 come into force, and

     2. bb

        before the Amendment Regulations 2022 come into force;

• “category B loan” means a loan or credit which—

  1. a

     is made or granted to a relevant person,

  2. b

     is first made or granted after the Amendment Regulations 2022 come into force;

• “category C loan” means a loan or credit which—

  1. a

     has a maturity exceeding 30 days,

  2. b

     is made or granted—

     1. i

        to a person, other than an individual, which is connected with Belarus and which is not—

        1. aa

           a person which on the date on which the Amendment Regulations 2022 come into force is domiciled in a country other than Belarus,

        2. bb

           a person which is majority owned by a person falling within paragraph (aa), or

     2. ii

        to a person, other than an individual, which is majority owned by a person within sub-paragraph (i),

  3. c

     is first made or granted after the Amendment Regulations 2022 come into force, and

  4. d

     is not a category B loan;

• “relevant loan” means a category A loan, a category B loan or a category C loan.