# The Russia (Sanctions) (EU Exit) (Amendment) (No. 2) Regulations 2022, Regulation 9: Exceptions relating to loans and credit arrangements


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.”

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Source: https://www.legislation.gov.uk/uksi/2022/194/regulation/9 (the official version)
Page: https://openlegislation.uk/russia-sanctions-eu-exit-amendment-no-2-regulations-2022/regulation-9
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.