The Russia (Sanctions) (EU Exit) (Amendment) (No. 15) Regulations 2022

Loans and credit arrangements

3.—(1) Regulation 17(5) is amended as follows.

(2) Before the definition of “category 1 loan” insert—

““the Amendment (No. 15) Regulations” means the Russia (Sanctions) (EU Exit) (Amendment) (No. 15) Regulations 2022;”.

(3) In paragraph (b)(ii)(bb) of the definition of “category 1 loan” omit “(within the meaning of regulation 16(7))”.

(4) In paragraph (b)(ii) of the definition of “category 2 loan” omit “(within the meaning of regulation 16(7))”.

(5) In the definition of “category 3 loan”—

(a) in paragraph (b)(ii) omit “(within the meaning of regulation 16(7))”;

(b) for paragraph (c) substitute—

“(c) which is first made or granted at any time on or after 1st March 2022 but before the date on which the Amendment (No. 15) Regulations come into force, and,”.

(6) After the definition of “category 4 loan” insert—

““category 5 loan” means a loan or credit—

(a)

with a maturity exceeding 30 days,

(b)

made or granted to a person, other than an individual—

(i)

which is connected with Russia, other than—

(aa)

a person which on the date on which the Amendment (No. 15) Regulations come into force is incorporated or constituted in a country other than Russia, or

(bb)

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

(ii)

a person which is owned by a person within sub-paragraph (i), or

(iii)

a person which is owned by a person connected with Russia who is an individual,

(c)

which is first made or granted at any time on or after the date on which the Amendment (No.15) Regulations come into force, and

(d)

which is not a category 1 loan, a category 2 loan, a category 3 loan or a category 4 loan.”.

(7) After the definition of “non-UK country” insert—

““owned” means owned within the meaning of regulation 16(7);”.

(8) In the definition of “relevant loan” for “or a category 4 loan”, substitute “, a category 4 loan or a category 5 loan”.