Exceptions relating to loans and credit arrangements
9. In regulation 59 (exceptions relating to loans and credit arrangements)—
(a)in paragraph (1)—
(i)omit sub-paragraph (a);
(ii)for sub-paragraph (c) substitute—
“(c)a relevant loan consisting of a drawdown or disbursement made under an arrangement entered into before—
(i)in the case of a category 1 loan, 15th September 2014;
(ii)in the case of a category 2 loan, a category 3 loan or a category 4 loan, 1st March 2022;
where the conditions in paragraph (2) are met.”;
(b)in paragraph (2)(a), for paragraph (i) substitute—
“(i)were agreed before—
(aa)in the case of a category 1 loan, 15th September 2014;
(bb)in the case of a category 2 loan, a category 3 loan or a category 4 loan, 1st March 2022;”;
(c)in paragraph (3)—
(i)at the appropriate place insert—
““category 1 loan” has the meaning given to it in regulation 17;
“category 2 loan” has the meaning given to it in regulation 17;
“category 3 loan” has the meaning given to it in regulation 17;
“category 4 loan” has the meaning given to it in regulation 17;”
(ii)omit the definition of “non-restricted trade”;
(iii)in the definition of “relevant subsidiary”, for paragraph (b) substitute—
“(b)owned (within the meaning of regulation 16(7)) by a person, other than an individual, that is connected with Russia.”