Council Decision 2014/512/CFSP of 31 July 2014 concerning restrictive measures in view of Russia's actions destabilising the situation in Ukraine

Article 1

It shall be prohibited to directly or indirectly purchase, sell, provide investment services for or assistance in the issuance of, or any other dealing with bonds, equity, or similar financial instruments with a maturity exceeding 90 days, issued after 1 August 2014 to 12 September 2014, or with a maturity exceeding 30 days, issued after 12 September 2014 to 12 April 2022 or any transferable securities and money market instruments issued after 12 April 2022 by:

major credit institutions or finance development institutions established in Russia with over 50 % public ownership or control as of 1 August 2014, as listed in Annex I;
any legal person, entity or body established outside the Union owned for more than 50 % by an entity listed in Annex I; or
any legal person, entity or body acting on behalf, or at the direction, of an entity within the category referred to in point (b) of this paragraph or listed in Annex I.

It shall be prohibited to directly or indirectly, purchase, sell, provide investment services for or assistance in the issuance of, or otherwise deal with transferable securities and money-market instruments issued after 12 April 2022 by:

any major credit institution, or other institution with over 50 % public ownership or control as of 26 February 2022 or any other credit institution having a significant role in supporting the activities of Russia and its Government and of the Russian Central Bank and established in Russia, as listed in Annex V;
a legal person, entity or body established outside the Union whose proprietary rights are directly or indirectly owned for more than 50 % by an entity listed in Annex V; or
a legal person, entity or body acting on behalf or at the direction of an entity referred to in point (a) or (b) of this paragraph.

It shall be prohibited to directly or indirectly purchase, sell, provide investment services for or assistance in the issuance of, or otherwise deal with transferable securities and money-market instruments with a maturity exceeding 30 days, issued after 12 September 2014 to 12 April 2022 or any transferable securities and money market instruments issued after 12 April 2022 by:

a legal person, entity or body established in Russia, as listed in Annex II, predominantly engaged and with major activities in the conception, production, sales or export of military equipment or services, except legal persons, entities or bodies active in the space and nuclear energy sectors;
a legal person, entity or body established in Russia, which is publicly controlled or with over 50 % public ownership which have estimated total assets of over RUB 1 trillion and whose estimated revenues originate for at least 50 % from the sale or transportation of crude oil or petroleum products, as listed in Annex III;
a legal person, entity or body established outside the Union whose proprietary rights are directly or indirectly owned for more than 50 % by an entity listed in point (a) or (b) of this paragraph; or
a legal person, entity or body acting on behalf or at the direction of an entity referred to in point (a), (b) or (c) of this paragraph.

a legal person, entity or body established in Russia, which is publicly controlled or with over 50 % public ownership and in which Russia, its Government or Central Bank has the right to participate in profits or with which Russia, its Government or Central Bank has other substantial economic relationships, as listed in Annex VI;
a legal person, entity or body established outside the Union whose proprietary rights are directly or indirectly owned for more than 50 % by an entity listed in Annex VI; or
a legal person, entity or body acting on behalf or at the direction of an entity referred to in point (a) or (b) of this paragraph.

It shall be prohibited to list and provide services for, as of 12 April 2022, and to admit to trading as of 29 January 2023, on trading venues registered or recognised in the Union, the transferable securities of any legal person, entity or body established in Russia and with over 50 % public ownership.

It shall be prohibited to directly or indirectly make or be part of any arrangement to make:

new loans or credit with a maturity exceeding 30 days to any legal person, entity or body referred to in paragraph 1 or 3, after 12 September 2014 to 26 February 2022; or
any new loans or credit to any legal person, entity or body referred to in paragraph 1, 2, 3 or 4 after 26 February 2022.

The prohibition shall not apply to:

loans or credit that have a specific and documented objective to provide financing for non-prohibited imports or exports of goods and non-financial services between the Union and any third State, including the expenditure for goods and services from another third State that is necessary for executing the export or import contracts; or
loans that have a specific and documented objective to provide emergency funding to meet solvency and liquidity criteria for legal persons established in the Union, whose proprietary rights are owned for more than 50 % by any entity referred to in Annex I.

The prohibition in paragraph 6 shall not apply to drawdown or disbursements made under a contract concluded before 26 February 2022, provided that the following conditions are met:

all the terms and conditions of such drawdown or disbursements:
1. were agreed before 26 February 2022; and
2. have not been modified on or after that date; and
before 26 February 2022, a contractual maturity date has been fixed for the repayment in full of all funds made available and for the cancellation of all the commitments, rights and obligations under the contract; and
at the time of its conclusion the contract was not in breach of the prohibitions laid down in this Decision.

The terms and conditions of drawdowns and disbursements referred to in point (a) include provisions concerning the length of the repayment period for each drawdown or disbursement, the interest rate applied or the interest rate calculation method, and the maximum amount.

Article 1a

The direct or indirect purchase or sale of, the direct or indirect provision of investment services for or assistance in the issuance of, or any other dealing with transferable securities and money-market instruments issued after 9 March 2022 by:

Russia and its Government;
the Russian Central Bank; or,
a legal person, entity or body acting on behalf of, or at the direction of, the entity referred to in point (b),

shall be prohibited.

It shall be prohibited to directly or indirectly make, or be part of any arrangement to make, any new loans or credit to any legal person, entity or body referred to in paragraph 1 after 23 February 2022. This prohibition shall not apply to loans or credit that have a specific and documented objective to provide financing for non-prohibited imports or exports of goods and non-financial services between the Union and any third State, including the expenditure for goods and services from another third State that is necessary for executing the export or import contracts.

The prohibition in paragraph 2 shall not apply to drawdown or disbursements made under a contract concluded before 23 February 2022 provided that the following conditions are met:

all the terms and conditions of such drawdown or disbursements:
1. were agreed before 23 February 2022; and
2. have not been modified on or after that date; and
before 23 February 2022 a contractual maturity date has been fixed for the repayment in full of all funds made available and for the cancellation of all the commitments, rights and obligations under the contract.

Transactions related to the management of reserves as well as of assets of the Central Bank of Russia, including transactions with any legal person, entity or body acting on behalf of, or at the direction of, the Central Bank of Russia, such as the Russian National Wealth Fund, are prohibited.

By way of derogation from paragraph 4, the competent authorities may authorise a transaction provided that it is strictly necessary to ensure the financial stability of the Union as a whole or of the Member State concerned.

The Member State concerned shall immediately inform the other Member States and the Commission of its intention to grant an authorisation under paragraph 5.

Article 1aa

It shall be prohibited to directly or indirectly engage in any transaction with:

a legal person, entity or body established in Russia, which is publically controlled or with over 50 % public ownership or in which Russia, its Government or the Russian Central Bank has the right to participate in profits or with which Russia, its Government or the Russian Central Bank has other substantial economic relationship, as listed in Annex X;
a legal person, entity or body established outside the Union whose proprietary rights are directly or indirectly owned for more than 50 % by an entity listed in Annex X; or
a legal person, entity or body acting on behalf or at the direction of an entity referred to in point (a) or (b) of this paragraph.

1a.

It shall be prohibited as from 22 October 2022 to hold any posts in the governing bodies of any legal person, entity or body referred to in paragraph 1.

1b.

It shall be prohibited as from 16 January 2023 to hold any posts in the governing bodies of:

a legal person, entity or body established in Russia, which is publicly controlled or with over 50 % public ownership, or in which Russia, its Government or Central Bank has the right to participate in profits or with which Russia, its Government or Central Bank has other substantial economic relationship;
a legal person, entity or body established in Russia whose proprietary rights are directly or indirectly owned for more than 50 % by an entity referred to in point (a) of this paragraph; or
a legal person, entity or body established in Russia and acting on behalf or at the direction of an entity referred to in point (a) or (b) of this paragraph.

This prohibition shall not apply to any legal person, entity or body referred to in paragraph 1, for which paragraph 1a applies.

1c.

a joint venture or similar legal arrangement involving a legal person, entity or body referred to in paragraph 1b and concluded by a legal person, entity or body which is incorporated or constituted under the law of a Member State before 17 December 2022, or
a legal person, entity or body referred to in paragraph 1b which was established in Russia before 17 December 2022 and which is owned by, or solely or jointly controlled by, a legal person, entity or body which is incorporated or constituted under the law of a Member State.

1d.

1e.

By way of derogation from paragraph 1b, the competent authorities may authorise the holding of a post in the governing body of a legal person, entity or body referred to in paragraph 1b, after having determined that the legal person, entity or body is involved in the transit through Russia of oil originating in a third country and that the holding of such a post is intended for operations which are not prohibited under Article 4o and 4p.

The prohibition in paragraph 1 shall not apply to the execution until 15 May 2022 of contracts concluded with a legal person, entity or body referred to in Part A of Annex X before 16 March 2022, or of ancillary contracts necessary for the execution of such contracts.

2a.

The prohibition in paragraph 1 shall not apply to the reception of payments due by the legal persons, entities or bodies referred to in Part A of Annex X pursuant to contracts performed before 15 May 2022.

2b.

The prohibition in paragraph 1 shall not apply to the execution until 8 January 2023 of contracts concluded with a legal person, entity or body referred to in Part B of Annex X before 7 October 2022, or of ancillary contracts necessary for the execution of such contracts.

2c.

The prohibition in paragraph 1 shall not apply to the reception of payments due by the legal persons, entities or bodies referred to in Part B of Annex X pursuant to contracts performed before 8 January 2023.

2d.

The prohibition in paragraph 1 shall not apply to the execution until 18 March 2023 of contracts concluded with a legal person, entity or body referred to in Part C of Annex X before 17 December 2022, or of ancillary contracts necessary for the execution of such contracts.

2e.

The prohibition in paragraph 1 shall not apply to the reception of payments due by the legal persons, entities or bodies referred to in Part C of Annex X pursuant to contracts performed before 18 March 2023.

The prohibition in paragraph 1 shall not apply to:

transactions which are 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;
unless prohibited under Article 4o or 4p, transactions which are strictly necessary for the direct or indirect purchase, import or transport of oil, including refined petroleum products, from or through Russia;
transactions related to energy projects outside Russia in which a legal person, entity or body listed in Annex X is a minority shareholder;
transactions for the purchase, import or transport into the Union of coal and other solid fossil fuels until 10 August 2022;
transactions, including sales, which are strictly necessary for the wind-down, by 31 December 2023, of a joint venture or similar legal arrangement concluded before 16 March 2022, involving a legal person, entity or body referred to in paragraph 1;
transactions related to the provision of electronic communication services, data center services and the provision of services and equipment necessary for their operation, maintenance, security, including the provision of firewalls, and call center services, to a legal person, entity or body listed in Annex X;
transactions which are necessary for the purchase, import or transport of pharmaceutical, medical, agricultural and food products, including wheat and fertilisers whose import, purchase and transport is allowed under this Decision;
transactions which are 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 and if such transactions are consistent with the objectives of this Decision and Council Decision 2014/145/CFSP⁽¹⁾;
the provision of pilot services to vessels in innocent passage as defined by international law which are necessary for reasons of maritime safety.

3a.

By way of derogation from paragraph 1, the competent authorities may authorise, under such conditions as they deem appropriate, transactions which are strictly necessary for the divestment and withdrawal by 31 December 2023, by the entities referred to in paragraph 1 or their subsidiaries in the Union from a legal person, entity or body established in the Union.

The Union shall take the necessary measures in order to determine the relevant items to be covered by this Article.

The Member State concerned shall inform the other Member States and the Commission of any authorisation granted under paragraphs 1c, 1d, 1e and 3a within two weeks of the authorisation.

Article 1ab

Member States that have authorised the Russian Maritime Register of Shipping to undertake fully or in part inspections and surveys related to statutory certificates and, where appropriate, to issue or renew the related certificates in accordance with Article 3(2) and Article 5 of Directive 2009/15/EC of the European Parliament and of the Council⁽²⁾ shall withdraw those authorisations in accordance with Article 8 of that Directive before 5 January 2023.

During the period until such authorisations have been withdrawn, Member States shall not allow, or grant a delegation to, the Russian Maritime Register of Shipping to perform any of the tasks which, in accordance with Union rules on maritime safety, are reserved to organisations recognised by the Union, including to undertake inspections and surveys related to statutory certificates as well as to issue, endorse or renew the related certificates.

Any statutory certificates issued on behalf of a Member State by the Russian Maritime Register of Shipping before 7 October 2022 shall be withdrawn and terminated by the relevant Member State, acting as a flag State, before 8 April 2023.

By way of derogation from the procedure laid down in Article 7(3) of Regulation (EC) No 391/2009 of the European Parliament and of the Council⁽³⁾ and in Article 21(3) of Directive (EU) 2016/1629 of the European Parliament and of the Council⁽⁴⁾, the Union’s recognition of the Russian Maritime Register of Shipping under Regulation (EC) No 391/2009 and Directive (EU) 2016/1629 is withdrawn.

Member States that have delegated any inspection-related duties to the Russian Maritime Register of Shipping, as defined in Article 20(3) of Directive (EU) 2016/1629, in particular to carry out technical inspections to check whether the craft complies with the technical requirements referred to in Directive (EU) 2016/1629, in particular in its Annexes II and V, shall withdraw those authorisations before 6 November 2022.

Member States that have delegated any security-related duties to the Russian Maritime Register of Shipping in accordance with point 4.3 of Annex II to Regulation (EC) No 725/2004 of the European Parliament and of the Council⁽⁵⁾ or with Article 11 of Directive 2005/65/EC of the European Parliament and of the Council⁽⁶⁾, in particular relating to the issuance or renewal of International Ship Security Certificates and to any related verifications in accordance with points 19.1.2 and 19.2.2 of Annex II to Regulation (EC) No 725/2004, shall withdraw those authorisations before 5 January 2023.

Any International Ship Security Certificate issued on behalf of a Member State by the Russian Maritime Register of Shipping before 7 October 2022 shall be withdrawn and terminated by the relevant Member State, acting as a Contracting Government, before 8 April 2023.

Article 1b

It shall be prohibited to accept any deposits from Russian nationals or natural persons residing in Russia, legal persons, entities or bodies established in Russia or legal persons, entities or bodies established outside the Union and whose proprietary rights are directly or indirectly owned for more than 50 % by Russian nationals or natural persons residing in Russia, if the total value of deposits of that natural or legal person, entity or body per credit institution exceeds EUR 100 000.

It shall be prohibited to provide crypto-asset wallet, account or custody services to Russian nationals or natural persons residing in Russia, or legal persons, entities or bodies established in Russia.

Paragraphs 1 and 2 shall not apply to nationals of a Member State, of a country member of the European Economic Area or of Switzerland, or to natural persons having a temporary or permanent residence permit in a Member State, in a country member of the European Economic Area or in Switzerland.

By way of derogation from paragraphs 1 and 2, the competent authorities may authorise the acceptance of such a deposit or the provision of wallet, account or custody services, under such conditions as they deem appropriate, after having determined that the acceptance of such a deposit or the provision of wallet, account or custody service is:

necessary to satisfy the basic needs of natural or legal persons, entities or bodies referred to in paragraph 1 and their dependent family members, including payments for food, rent or mortgage, medicines and medical treatment, taxes, insurance premiums, and public utility charges;
intended exclusively for the payment of reasonable professional fees or the reimbursement of incurred expenses associated with the provision of legal services;
intended exclusively for the payment of fees or service charges for the routine holding or maintenance of frozen funds or economic resources;
necessary for extraordinary expenses, provided that the relevant competent authority has notified the competent authorities of the other Member States and the Commission of the grounds on which it considers that a specific authorisation should be granted, at least two weeks prior to the authorisation; or
necessary for official purposes of a diplomatic mission or consular post or international organisation; or
necessary for non-prohibited cross-border trade in goods and services between the Union and Russia.

The Member State concerned shall inform the other Member States and the Commission of any authorisation granted under points (a), (b), (c) or (e) of this paragraph within two weeks of the authorisation.

By way of derogation from paragraphs 1 and 2, the competent authorities may authorise the acceptance of such a deposit or provision of wallet, account or custody service, under such conditions as they deem appropriate, after having determined that the acceptance of such a deposit or provision of wallet, account or custody service is:

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; or
necessary for civil society activities that directly promote democracy, human rights or the rule of law in Russia.

The Member State concerned shall inform the other Member States and the Commission of any authorisation granted under this paragraph within two weeks of the authorisation.