- Latest available (Revised)
- Point in Time (16/12/2022)
- Original (As made)
Point in time view as at 16/12/2022.
There are currently no known outstanding effects for the The Russia (Sanctions) (EU Exit) Regulations 2019, Section 17.
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
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.
[F1(2A) A person must not make funds or economic resources available to a relevant entity (“E”) where the purposes of making those funds or economic resources available is to enable E to grant a relevant loan on or after 16th December 2022.]
(3) Paragraphs (1) [F2, (2) and (2A)] are subject to [F3Part 7 (Exceptions and licences)].
(4) A person who contravenes a prohibition in paragraph (1) [F4, (2) or (2A)] commits an offence.
(5) In this regulation—
F5...
[F6“category 1 loan” means a loan or credit—
with a maturity exceeding 30 days,
made or granted to—
a person falling within Schedule 2,
a person, other than an individual, which is—
incorporated or constituted under the law of a non-UK country, and
owned F7... by a person within paragraph (i), or
a person, other than an individual, acting on behalf or at the direction of a person within paragraph (i) or paragraph (ii), and
which is first made or granted at any time after IP completion day;
“category 2 loan” means a loan or credit—
with a maturity exceeding 30 days,
made or granted to a person, other than an individual, which is—
incorporated or constituted under the law of any part of the United Kingdom, and
owned F8... by a person falling within Schedule 2, and
which is first made or granted at any time on or after 1st March 2022;
“category 3 loan” means a loan or credit—
with a maturity exceeding 30 days,
made or granted to a person, other than an individual, which is—
connected with Russia,
owned F9... by a person within sub-paragraph (i), or
a person, other than an individual, acting on behalf or at the direction of a person within paragraph (i) or paragraph (ii),
[F10which is first made or granted at any time on or after 1st March 2022 but before [F1129th October 2022], and,]
which is not—
a category 1 loan, a category 2 loan or a category 4 loan, or
a loan made or granted to—
a person, other than an individual, which on 1st March 2022 is domiciled in a country other than Russia,
a person, other than an individual, which is owned by a person falling within sub-paragraph (aa), or
a person, other than an individual, acting on behalf or at the direction of a person within sub-paragraph (aa) or sub-paragraph (bb);
“category 4 loan” means a loan or credit—
made or granted to the Government of Russia,
which is first made or granted at any time on or after 1st March 2022;]
[F12“category 5 loan” means a loan or credit—
with a maturity exceeding 30 days,
made or granted to a person, other than an individual—
which is connected with Russia, other than—
a person which on [F1329th October 2022] is incorporated or constituted in a country other than Russia, or
a person which is owned by a person falling within paragraph (aa),
a person which is owned by a person within sub-paragraph (i), or
a person which is owned by a person connected with Russia who is an individual,
which is first made or granted at any time on or after [F1329th October 2022], and
which is not a category 1 loan, a category 2 loan, a category 3 loan or a category 4 loan.]
[F14“category 6 loan” means a loan or credit—
made or granted to a relevant entity,
which is for the purposes of an activity mentioned in regulation 18B(2),
which is first made or granted at any time on or after 16th December 2022, and
which is not a category 1 loan, a category 2 loan, a category 3 loan, a category 4 loan or a category 5 loan;]
“non-UK country” means a country that is not the United Kingdom;
[F15“owned” means owned within the meaning of regulation 16(7);]
[F16“relevant entity” has the meaning given in regulation 18B(8);]
[F17“relevant loan” means a category 1 loan, a category 2 loan, a category 3 loan [F18, a category 4 loan [F19, a category 5 loan or a category 6 loan]];]
F20...
Textual Amendments
F1Reg. 17(2A) inserted (16.12.2022) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 17) Regulations 2022 (S.I. 2022/1331), regs. 1(2)(b), 5(a)
F2Words in reg. 17(3) substituted (16.12.2022) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 17) Regulations 2022 (S.I. 2022/1331), regs. 1(2)(b), 5(b)
F3Words in reg. 17(3) substituted (1.3.2022) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 2) Regulations 2022 (S.I. 2022/194), regs. 1(2), 6(a)
F4Words in reg. 17(4) substituted (16.12.2022) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 17) Regulations 2022 (S.I. 2022/1331), regs. 1(2)(b), 5(c)
F5Words in reg. 17(5) omitted (16.12.2022) by virtue of The Russia (Sanctions) (EU Exit) (Amendment) (No. 17) Regulations 2022 (S.I. 2022/1331), regs. 1(2)(b), 5(d)(i)
F6Words in reg. 17(5) inserted (1.3.2022) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 2) Regulations 2022 (S.I. 2022/194), regs. 1(2), 6(b)(i)
F7Words in reg. 17(5) omitted (29.10.2022) by virtue of The Russia (Sanctions) (EU Exit) (Amendment) (No. 15) Regulations 2022 (S.I. 2022/1110), regs. 1(2)(b), 3(3)
F8Words in reg. 17(5) omitted (29.10.2022) by virtue of The Russia (Sanctions) (EU Exit) (Amendment) (No. 15) Regulations 2022 (S.I. 2022/1110), regs. 1(2)(b), 3(4)
F9Words in reg. 17(5) omitted (29.10.2022) by virtue of The Russia (Sanctions) (EU Exit) (Amendment) (No. 15) Regulations 2022 (S.I. 2022/1110), regs. 1(2)(b), 3(5)(a)
F10Words in reg. 17(5) substituted (29.10.2022) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 15) Regulations 2022 (S.I. 2022/1110), regs. 1(2)(b), 3(5)(b)
F11Words in reg. 17(5) substituted (16.12.2022) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 17) Regulations 2022 (S.I. 2022/1331), regs. 1(2)(b), 5(d)(ii)
F12Words in reg. 17(5) inserted (29.10.2022) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 15) Regulations 2022 (S.I. 2022/1110), regs. 1(2)(b), 3(6)
F13Words in reg. 17(5) substituted (16.12.2022) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 17) Regulations 2022 (S.I. 2022/1331), regs. 1(2)(b), 5(d)(iii)
F14Words in reg. 17(5) inserted (16.12.2022) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 17) Regulations 2022 (S.I. 2022/1331), regs. 1(2)(b), 5(d)(iv)
F15Words in reg. 17(5) inserted (29.10.2022) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 15) Regulations 2022 (S.I. 2022/1110), regs. 1(2)(b), 3(7)
F16Words in reg. 17(5) inserted (16.12.2022) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 17) Regulations 2022 (S.I. 2022/1331), regs. 1(2)(b), 5(d)(v)
F17Words in reg. 17(5) substituted (1.3.2022) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 2) Regulations 2022 (S.I. 2022/194), regs. 1(2), 6(b)(ii)
F18Words in reg. 17(5) substituted (29.10.2022) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 15) Regulations 2022 (S.I. 2022/1110), regs. 1(2)(b), 3(8)
F19Words in reg. 17(5) substituted (16.12.2022) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 17) Regulations 2022 (S.I. 2022/1331), regs. 1(2)(b), 5(d)(vi)
F20Words in reg. 17(5) omitted (1.3.2022) by virtue of The Russia (Sanctions) (EU Exit) (Amendment) (No. 2) Regulations 2022 (S.I. 2022/194), regs. 1(2), 6(b)(iii)
Commencement Information
I1Reg. 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)
The Whole Instrument you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Instrument you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Instrument without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Instrument without Schedules you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Instrument you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Instrument without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: