Section 18

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 non-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 non-government controlled Ukrainian territory.

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Source: legislation.gov.uk · retrieved 2026-08-30