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1. This Regulation applies in cases of economic coercion by a third country. It lays down rules and procedures to ensure the effective protection of the interests of the Union and its Member States from economic coercion by a third country.

2. This Regulation establishes a framework for the Union to respond to economic coercion with the objective of deterring economic coercion or obtaining the cessation of economic coercion, whilst enabling the Union, as a last resort, to counteract economic coercion through Union response measures. This Regulation also establishes a framework for the Union to seek reparation for the injury to the Union, where appropriate.

3. Any action taken under this Regulation shall be consistent with international law and be carried out in the context of the principles and objectives of the Union’s external action.

4. This Regulation applies without prejudice to existing Union instruments and to international agreements concluded by the Union, as well as to actions taken thereunder that are consistent with international law, in the area of the common commercial policy, and to other Union policies.

5. This Regulation does not affect the division of competences between the Union and its Member States.