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1. It shall be prohibited to engage, directly or indirectly, in any transaction relating to or involving any tangible asset, such as vessels, aircraft, real estate, ports, airports, and physical elements of digital and communication networks, as listed in Annex III.

2. The list in Annex III shall include tangible assets which are:

(a) used in activities of a destabilising character that endanger or damage critical infrastructure, including submarine infrastructure, and that are attributable to or benefitting the Government of the Russian Federation;

(b) used in activities of a destabilising character that violate national, European or international air, marine or land traffic regulations, and that are attributable to or benefitting the Government of the Russian Federation;

(c) are used in activities of a destabilising character, including espionage and surveillance, the transport of weapons or military equipment and personnel, information manipulation and interference, and that are attributable to or benefiting the Government of the Russian Federation;

(d) are owned, chartered or operated by natural or legal persons, entities or bodies listed in Annex I, or is otherwise used in the name of, on behalf of, in relation with, or for the benefit of, such persons.

3. The prohibition in paragraph 1 shall not apply to transactions for reasons of maritime or aviation safety, or necessary for humanitarian purposes, or for the urgent prevention or mitigation of an event likely to have a serious and significant impact on human health and safety or on the environment, or as a response to natural disasters.

4. The prohibition in paragraph 1 shall not apply to transactions necessary for the recognition or enforcement of a judgment or an arbitration award rendered in a Member State, or for the purposes of an investigation into infringements of the provisions of this Regulation or into other illicit activity.

5. By way of derogation from paragraph 1, the competent authorities of a Member State may authorise transactions relating to or involving tangible assets listed in Annex III under such conditions as they deem appropriate, after having determined, on a case by case basis, that the transaction is strictly necessary for any purpose consistent with the objectives of this Regulation. The Member State concerned shall inform the other Member States and the Commission of any such authorisation within two weeks thereof.