Regulation 18 Investments in relation to non-government controlled Ukrainian territoryF3I1
United Kingdom
A person (“P”) must not carry on an activity mentioned in paragraph (2) if P knows, or has reasonable cause to suspect, that P is carrying on such an activity.
The activities in this paragraph are—
directly or indirectly acquiring or extending a participation, or acquiring any ownership interest, in land located in F1non-government controlled Ukrainian territory;
directly or indirectly acquiring or extending a participation, or acquiring any ownership interest in or control over, a relevant entity;
directly or indirectly granting any loan or credit, entering into any arrangement to grant any loan or credit, or otherwise providing funds, including for example equity capital—
to a relevant entity, or
for the documented purpose of financing any such entity;
directly or indirectly establishing any joint venture—
in non-government controlled Ukrainian territory, or
with a relevant entity;
providing investment services directly related to an activity referred to in sub-paragraphs (a) to (d) above.
Paragraph (1) is subject to Part 7 (Exceptions and licences).
A person who contravenes a prohibition in paragraph (1) commits an offence.
In this regulation—
“investment services” has the same meaning as it has in regulation 16;
“relevant entity” means a person, other than an individual, which has a place of business located in F2non-government controlled Ukrainian territory.
Annotations
Textual amendments
- F1
Words in reg. 18(2) substituted (30.3.2022 at 5.00 p.m.) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 7) Regulations 2022 (S.I. 2022/395), regs. 1(2), 10(b)
- F2
Words in reg. 18(5) substituted (30.3.2022 at 5.00 p.m.) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 7) Regulations 2022 (S.I. 2022/395), regs. 1(2), 10(b)
- F3
Words in reg. 18 heading substituted (30.3.2022 at 5.00 p.m.) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 7) Regulations 2022 (S.I. 2022/395), regs. 1(2), 10(a)
Commencement
- I1
Reg. 18 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)
Notes on the whole SI
Textual amendments
- F1
Regulations extended (British overseas territories) (with modifications) (31.12.2020 immediately after both S.I. 2020/590 and S.I. 2020/951 have come into force) by The Russia (Sanctions) (Overseas Territories) Order 2020 (S.I. 2020/1571), arts. 1(1), 2, Schs. 1, 2 (as amended: (11.3.2021) by S.I. 2021/288, arts. 1(1), 2(2); (14.4.2022) by S.I. 2022/453, arts. 1(1), 3-38; (20.7.2022) by S.I. 2022/843, arts. 1(1), 3; (10.11.2022) by S.I. 2022/1167, arts. 1(1), 3-17; (15.12.2022) by S.I. 2022/1338, arts. 1(1), 3-10; (9.3.2023) by S.I. 2023/291, arts. 1(1), 3-9; (20.7.2023) by S.I. 2023/846, arts. 1(1), 3, 5-22; (30.9.2023) by S.I. 2023/846, arts. 1(2), 4; (14.3.2024) by S.I. 2024/370, arts. 1, 3-13; (3.10.2024) by S.I. 2024/987, arts. 1(1), 3-6; and (11.12.2025) by S.I. 2025/1307, art. 1(1), Sch. 15)