Bank of Russia

FINANCIAL SERVICES - MANAGEMENT OF RESERVES AND ASSETS

 

PROHIBITION

 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.

EXCEPTIONS

By way of derogation (...), 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.

LICENCE MODALITIES. NOTIFICATION TO AUTHORITIES.

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

SERVICES CONCERNED

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

LEGAL SOURCE

EU Regulation (EU) 883/2014 of 31 July 2014 concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine.  Articles 5a.4, 5a.5., 5a.6.

The EU Regulation is directly applicable in all EU Member States.

The EU Regulation is based on EU Council Decision 2014/512/CFSP of 31 July 2014 concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine. Article 1a.4., 1a.5., 1a.6.