The Russia (Sanctions) (EU Exit) Regulations 2019

Loans and credit arrangements U.K.

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.

(3) Paragraphs (1) and (2) are subject to regulations 59 and 63 (exceptions).

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

(5) In this regulation—

“non-UK country” means a country that is not the United Kingdom;

“relevant loan” means a loan or credit—

(a)

with a maturity exceeding 30 days,

(b)

made or granted to a relevant person, and

(c)

which is first made or granted at any time after [F1 IP completion day];

“relevant person” means—

(a)

a person falling within Schedule 2;

(b)

a person, other than an individual, which is—

(i)

incorporated or constituted under the law of a non-UK country, and

(ii)

owned (within the meaning of regulation 16(7)) by a person within sub-paragraph (a); or

(c)

a person, other than an individual, acting on behalf or at the direction of a person within sub-paragraph (a) or sub-paragraph (b).

Textual Amendments

F1 Words in reg. 17(5) substituted (31.12.2020 immediately after IP completion day) by The Sanctions (EU Exit) (Miscellaneous Amendments) (No. 2) Regulations 2020 (S.I. 2020/590), regs. 1(2), 10(2); S.I. 2020/1514, reg. 4

Commencement Information

I1 Reg. 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)