The Russia (Sanctions) (EU Exit) Regulations 2019

Exceptions relating to loans and credit arrangementsU.K.

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59.—(1) The prohibitions in regulation 17 (loans and credit arrangements) are not contravened by the grant of—

F1(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b)a relevant loan that has a specific and documented objective of making emergency funds available to meet applicable solvency or liquidity criteria for a relevant subsidiary;

[F2(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;

[F3(iii)in the case of a category 5 loan, the date on which the Amendment Regulations (No. 15) 2022 come into force;]

where the conditions in paragraph (2) are met.]

(2) The conditions referred to in paragraph (1)(c) are that—

(a)all the terms and conditions of such drawdowns or disbursements—

[F4(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;]

[F5(cc)in the case of a category 5 loan, the date on which the Amendment Regulations (No. 15) 2022 come into force;]

(ii)have not been modified on or after that date; and

(b)a contractual maturity date has been fixed for the repayment in full of all funds made available and for the cancellation of all the rights and obligations under the arrangement.

(3) In this regulation—

[F6“the Amendment Regulations (No. 15) 2022 has the meaning given to it in regulation 17;]

[F7“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;]

[F8“category 5 loan” has the meaning given to it in regulation 17;]

F9...

F10...

“relevant loan” has the meaning given to it in regulation 17;

“relevant subsidiary” means a person, other than an individual, which is—

(a)