FantasticSearch

1. It shall be prohibited, as from 25 June 2024 for legal persons, entities or bodies established in the Union and operating outside of Russia to directly connect to the System for Transfer of Financial Messages (SPFS) of the Central Bank of Russia or equivalent specialised financial messaging services set up by the Central Bank of Russia.

2. It shall be prohibited to engage, directly or indirectly, in any transaction with a legal person, entity or body established outside Russia as listed in Annex XLIV. Annex XLIV shall include the legal persons, entities or bodies established outside Russia that use the SPFS of the Central Bank of Russia or equivalent specialised financial messaging services set up by the Central Bank of Russia or the Russian State.

3. The prohibitions in paragraphs 1 and 2 shall not apply to the execution until 26 September 2024 of contracts concluded with a legal person, entity or body listed in Annex XLIV before 24 March 2024, or of ancillary contracts necessary for the execution of such contracts.

4. The prohibition in paragraphs 1 and 2 shall not apply to the reception of payments due by a legal person, entity or body listed in Annex XLIV pursuant to contracts performed before 24 March 2024.

5. The prohibition in paragraph 1 shall not apply to transactions that are:

(a) strictly necessary for the direct or indirect purchase, import or transport of natural gas, titanium, aluminium, copper, nickel, palladium and iron ore from or through Russia into the Union, a country member of the European Economic Area, Switzerland, or the Western Balkans;

(b) strictly necessary for the direct or indirect purchase, import or transport of oil, including refined petroleum products, from or through Russia, unless prohibited under Article 3m or 3n;

(c) necessary for the purchase as well as import and transport into the Union of pharmaceutical, medical or agricultural and food products, including wheat and fertilisers, whose purchase as well as import and transport into the Union is allowed under this Regulation;

(d) necessary for the repayment of a debt due to a national of a Member State or a legal person, entity or body established in the Union;

(e) necessary for the payment of a pension scheme to a person established in the Union; or (f) necessary for a payment from or to the Jewish Claims conference.

6. The prohibition in paragraph 2 shall not apply to transactions that are:

(a) necessary for the purchase, export, supply, sale, transfer or transport of pharmaceutical, medical or agricultural and food products, including wheat and fertilisers, whose purchase, export, supply, sale, transfer or transport is allowed under this Regulation and is necessary for addressing food security in third countries;

(b) strictly necessary to ensure access to judicial, administrative or arbitral proceedings in a Member State, as well as for the recognition or enforcement of a judgment or an arbitration award rendered in a Member State, provided that such transactions are consistent with the objectives of this Regulation and Regulation (EU) No 269/2014;

(c) necessary for humanitarian purposes, such as delivering or facilitating the delivery of assistance, including medical supplies, food, or the transfer of humanitarian workers and related assistance, or for evacuations;

(d) necessary for the repayment of a debt due to a national of a Member State or a legal person, entity or body established in the Union;

(e) dependent on the involvement of a legal person, entity or body listed in Annex XLIV to provide correspondent banking services; or (f) necessary for effecting payment by a national of a Member State or a legal person, entity or body established in the Union under a loan agreement concluded by a Member State.

7. By way of derogation from paragraph 2, the competent authorities of a Member State may authorise the execution of transactions with entry number 1 in Annex XLIV, under such conditions as they deem appropriate and after having determined that the execution of such transactions is necessary for:

(a) the repayment of export credits guaranteed;

(b) transactions which are strictly necessary for divestment from Russia or the wind-down of business activities in Russia by 26 August 2025 which were covered by export credits guarantees by a Member State; or (c) the execution of contracts concluded before 25 February 2025 until 26 August 2025 or until their expiry date, whichever is earlier for beneficiaries located in the European Union.