The Republic of Belarus (Sanctions) (EU Exit) (Amendment) Regulations 2022

Loans and credit arrangements

12.  In regulation 15B (loans and credit arrangements), for paragraph (5) substitute—

“(5) In this regulation—

“category A loan” means a loan or credit which—

(a)

has a maturity exceeding 90 days,

(b)

is made or granted to a relevant person, and

(c)

is first made or granted—

(aa)

after the date on which the Amendment Regulations 2021 come into force, and

(bb)

before the Amendment Regulations 2022 come into force;

“category B loan” means a loan or credit which—

(a)

is made or granted to a relevant person,

(b)

is first made or granted after the Amendment Regulations 2022 come into force;

“category C loan” means a loan or credit which—

(a)

has a maturity exceeding 30 days,

(b)

is made or granted—

(i)

to a person, other than an individual, which is connected with Belarus and which is not—

(aa)

a person which on the date on which the Amendment Regulations 2022 come into force is domiciled in a country other than Belarus,

(bb)

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

(ii)

to a person, other than an individual, which is majority owned by a person within sub-paragraph (i),

(c)

is first made or granted after the Amendment Regulations 2022 come into force, and

(d)

is not a category B loan;

“relevant loan” means a category A loan, a category B loan or a category C loan.”.