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GLOSSARY

 

DEFINITIONS IN THE SANCTIONS REGULATIONS


brokering services 

  • means: (i) the negotiation or arrangement of transactions for the purchase, sale or supply of goods and technology or of financial and technical services, including from a third country to any other third country, or (ii) the selling or buying of goods and technology or of financial and technical services, including where they are located in third countries for their transfer to another third country (Council Regulation 833/2014, Russia, Art. 1(d)) (Council Regulation 2022/263, Donetsk/Luhansk, Art. 1(a) (Regulation 692/2014, Ukraine, Art. 1(f))

central securities depository

means a legal person as defined in point 1 of Article 2(1) of Regulation (EU) No 909/2014 of the European Parliament and of the Council

(Council Regulation 833/2014, Russia, Art. 1(j))

claim

  • means any claim, whether or not asserted by legal proceedings, made before or after 24 February 2022, under or in connection with a contract or transaction, and includes in particular: (i) a claim for performance of any obligation arising under or in connection with a contract or transaction; (ii) a claim for extension or payment of a bond, financial guarantee or indemnity of whatever form; (iii) a claim for compensation in respect of a contract or transaction; (iv) a counterclaim; (v) claim for the recognition or enforcement, including by the procedure of exequatur, of a judgment, an arbitration award or an equivalent decision, wherever made or given (Council Regulation 2022/263, Donetsk/Luhansk, Art. 1(b)

  • means any claim, whether asserted by legal proceedings or not, made before or after 17 March 2014, under or in connection with a contract or transaction, and includes in particular: (i) a claim for performance of any obligation arising under or in connection with a contract or transaction; (ii) a claim for extension or payment of a bond, financial guarantee or indemnity of whatever form; (iii) a claim for compensation in respect of a contract or transaction; (iv) a counterclaim; (v) a claim for the recognition or enforcement, including by the procedure of exequatur, of a judgment, an arbitration award or an equivalent decision, wherever made or given (Regulation 269/2014, Ukraine, Art. 1(a))

  • means any claim, whether asserted by legal proceedings or not, made before or after 6 March 2014, under or in connection with a contract or transaction, and includes in particular: (i) a claim for performance of any obligation arising under or in connection with a contract or transaction; (ii) a claim for extension or payment of a bond, financial guarantee or indemnity of whatever form; (iii) a claim for compensation in respect of a contract or transaction; (iv) a counterclaim; (v) a claim for the recognition or enforcement, including by the procedure of exequatur, of a judgment, an arbitration award or an equivalent decision, wherever made or given (Council Regulation 208/2014, Ukraine, Art. 1(a))

  • means any claim, whether asserted by legal proceedings or not, made before or after 25 June 2014, under or in connection with a contract or transaction, and includes in particular: (i) a claim for performance of any obligation arising under or in connection with a contract or transaction; (ii) a claim for extension or payment of a bond, financial guarantee or indemnity of whatever form; (iii) a claim for compensation in respect of a contract or transaction; (iv) a counterclaim; (v) a claim for the recognition or enforcement, including by the procedure of exequatur, of a judgment, an arbitration award or an equivalent decision, wherever made or given (Regulation 692/2014, Ukraine, Art. 1(a))

competent authorities

  • means the competent authorities of the Member States as identified on the websites listed in Annex I (Council Regulation 833/2014, Russia, Art. 1(b)) (Council Regulation 2022/263, Donetsk/Luhansk, Art. 1(b)

  • means the competent authorities of the Member States as identified on the websites listed in Annex I (Regulation 269/2014, Ukraine, Art. 1(c))

  • means the competent authorities of the Member States as identified on the websites listed in Annex II (Council Regulation 208/2014, Ukraine, Art. 1(c))

  • means the competent authorities of the Member States as identified on the websites listed in the Annex (Regulation 692/2014, Ukraine, Art. 1(e))

consumer communication devices

means devices used by private individuals such as personal computers and peripherals (including hard drives and printers), mobile telephones, smart televisions, memory devices (USB drives), and consumer software for all of these items

(Council Regulation 833/2014, Russia, Art. 1(q))

contract or transaction

  • means any transaction of whatever form, whatever the applicable law, and whether comprising one or more contracts or similar obligations made between the same or different parties; for this purpose ‘contract’ includes a bond, guarantee or indemnity, particularly a financial guarantee or financial indemnity, and credit, whether legally independent or not, as well as any related provision arising under, or in connection with, the transaction (Council Regulation 2022/263, Donetsk/Luhansk, Art. 1(c))

  • means any transaction of whatever form, whatever the applicable law, and whether comprising one or more contracts or similar obligations made between the same or different parties; for this purpose ‘contract’ includes a bond, guarantee or indemnity, particularly a financial guarantee or financial indemnity, and credit, whether legally independent or not, as well as any related provision arising under, or in connection with, the transaction (Regulation 269/2014, Ukraine, Art. 1(b))

  • means any transaction of whatever form and whatever the applicable law, whether comprising one or more contracts or similar obligations made between the same or different parties; for this purpose ‘contract’ includes a bond, guarantee or indemnity, particularly a financial guarantee or financial indemnity, and credit, whether legally independent or not, as well as any related provision arising under, or in connection with, the transaction (Council Regulation 208/2014, Ukraine, Art. 1(b))

  • means any transaction of whatever form, whatever the applicable law, and whether comprising one or more contracts or similar obligations made between the same or different parties; for this purpose ‘contract’ includes a bond, guarantee or indemnity, particularly a financial guarantee or financial indemnity, and credit, whether legally independent or not, as well as any related provision arising under, or in connection with, the transaction (Regulation 692/2014, Ukraine, Art. 1(b))

credit rating

means an opinion regarding the creditworthiness of an entity, a debt or financial obligation, debt security, preferred share or other financial instrument, or of an issuer of such a debt or financial obligation, debt security, preferred share or other financial instrument, issued using an established and defined ranking system of rating categories;

Council Regulation 833/2014, Russia, Art. 1(s)

 – Amending regulation = 2022/428 points (s),(t) and (u) were added

credit rating activities

means data and information analysis and the evaluation, approval, issuing and review of credit ratings.

Council Regulation 833/2014, Russia, Art. 1(t) 

credit institution

means an undertaking, the business of which is to take deposits or other repayable funds from the public and to grant credit for its own account;

(Council Regulation 833/2014, Russia, Art. 1(h))

deposit

means a credit balance which results from funds left in an account or from temporary situations deriving from normal banking transactions and which a credit institution is required to repay under the legal and contractual conditions applicable, including a fixed-term deposit and a savings deposit, but excluding a credit balance where: (i) its existence can only be proven by a financial instrument as defined in Article 4(1)(15) of Directive 2014/65/EU of the European Parliament and of the Council, unless it is a savings product which is evidenced by a certificate of deposit made out to a named person and which exists in a Member State on 2 July 2014; (ii) its principal is not repayable at par; (iii) its principal is only repayable at par under a particular guarantee or agreement provided by the credit institution or a third party;

(Council Regulation 833/2014, Russia, Art. 1(k))

dual-use goods and technology 

means the items listed in Annex I to Regulation (EU) 2021/821 of the European Parliament and of the Council

(Council Regulation 833/2014, Russia, Art. 1(a))


economic resources

  • means assets of every kind, whether tangible or intangible, movable or immovable, which are not funds but may be used to obtain funds, goods or services (Regulation 269/2014, Ukraine, Art. 1(d))

  • means assets of every kind, whether tangible or intangible, movable or immovable, which are not funds, but may be used to obtain funds, goods or services (Council Regulation 208/2014, Ukraine, Art. 1(d))

energy sector

means a sector covering the following activities with the exception of civil nuclear related activities:

(i) the exploration, production, distribution within Russia or mining of crude oil, natural gas or solid fossil fuels, the refining of fuels, the liquefaction of natural gas or regasification;

(ii) the manufacture or distribution within Russia of solid fossil fuel products, refined petroleum products or gas; or

(iii) the construction of facilities or installation of equipment for, or the provision of services, equipment or technology for, activities related to power generation or electricity production.

entity in Crimea or Sevastopol

means any entity having its registered office, central administration or principal place of business in Crimea or Sevastopol, its subsidiaries or affiliates under its control in Crimea or Sevastopol, as well as branches and other entities operating in Crimea or Sevastopol (Regulation 692/2014, Ukraine, Art. 1(h))

entity in the specified territories

means any entity having its registered office, central administration or principal place of business in the specified territories, its subsidiaries or affiliates under its control in the specified territories, as well as branches and other entities operating in the specified territories

(Council Regulation 2022/263, Donetsk/Luhansk, Art. 1(e))

financing or financial assistance

means any action, irrespective of the particular means chosen, whereby the person, entity or body concerned, conditionally or unconditionally, disburses or commits to disburse its own funds or economic resources, including but not limited to grants, loans, guarantees, suretyships, bonds, letters of credit, supplier credits, buyer credits, import or export advances and all types of insurance and reinsurance, including export credit insurance; payment as well as terms and conditions of payment of the agreed price for a good or a service, made in line with normal business practice, do not constitute financing or financial assistance;

(Council Regulation 833/2014, Russia, Art. 1(o))

freezing of economic resources

means preventing the use of economic resources to obtain funds, goods or services in any way, including, but not limited to, by selling, hiring or mortgaging them;

(Regulation 269/2014, Ukraine, Art. 1(e))(Council Regulation 208/2014, Ukraine, Art. 1(e))


freezing of funds

means preventing any move, transfer, alteration, use of, access to, or dealing with funds in any way that would result in any change in their volume, amount, location, ownership, possession, character, destination or any other change that would enable the funds to be used, including portfolio management;

(Regulation 269/2014, Ukraine, Art. 1(f))

(Council Regulation 208/2014, Ukraine, Art. 1(e))

funds

  • means financial assets and benefits of every kind, including, but not limited to:(i) cash, cheques, claims on money, drafts, money orders and other payment instruments;(ii) deposits with financial institutions or other entities, balances on accounts, debts and debt obligations;(iii) publicly- and privately-traded securities and debt instruments, including stocks and shares, certificates representing securities, bonds, notes, warrants, debentures and derivatives contracts;(iv) interest, dividends or other income on or value accruing from or generated by assets;(v) credit, right of set-off, guarantees, performance bonds or other financial commitments;(vi) letters of credit, bills of lading, bills of sale; and (vii) documents showing evidence of an interest in funds or financial resources;(Regulation 269/2014, Ukraine, Art. 1(g))

  • means financial assets and benefits of every kind, including, but not limited to: (i) cash, cheques, claims on money, drafts, money orders and other payment instruments; (ii) deposits with financial institutions or other entities, balances on accounts, debts and debt obligations; (iii) publicly- and privately-traded securities and debt instruments, including stocks and shares, certificates representing securities, bonds, notes, warrants, debentures and derivatives contracts; (iv) interest, dividends or other income on or value accruing from or generated by assets; (v) credit, right of set-off, guarantees, performance bonds or other financial commitments; (vi) letters of credit, bills of lading, bills of sale; and (vii) documents showing evidence of an interest in funds or financial resources (Council Regulation 208/2014, Ukraine, Art. 1(g))

goods originating in Crimea or Sevastopol

means goods which are wholly obtained in Crimea or in Sevastopol or which have undergone their last substantial transformation there, in accordance, mutatis mutandis, with Articles 23 and 24 of Regulation (EEC) No 2913/92 of 12 October 1992 establishing the Community Customs Code

(Regulation 692/2014, Ukraine, Art. 1(c))

goods originating in the specified territories

means goods which are wholly obtained in the specified territories or which have undergone their last substantial transformation there, in accordance, mutatis mutandis, with Article 60 of Regulation (EU) No 952/2013 of the European Parliament and of the Council of 9 October 2013 laying down the Union Customs Code

(Council Regulation 2022/263, Donetsk/Luhansk, Art. 1(f))

investment services

  • means the following services and activities: (i) reception and transmission of orders in relation to one or more financial instruments, (ii) execution of orders on behalf of clients, (iii) dealing on own account, (iv) portfolio management, (v) investment advice, (vi) underwriting of financial instruments and/or placing of financial instruments on a firm commitment basis, (vii) placing of financial instruments without a firm commitment basis, (viii) any service in relation to the admission to trading on a regulated market or trading on a multilateral trading facility (Council Regulation 833/2014, Russia, Art. 1(e))

  • means any technical support related to repairs, development, manufacture, assembly, testing, maintenance or any other technical service, and may take forms such as instruction, advice, training, transmission of working knowledge or skills or consulting services; technical assistance includes verbal forms of assistance (Council Regulation 2022/263, Donetsk/Luhansk, Art. 1(h))

  • means the following services and activities: (i) reception and transmission of orders in relation to one or more financial instruments, (ii) execution of orders on behalf of clients, (iii) dealing on own account, (iv) portfolio management, (v) investment advice, (vi) underwriting of financial instruments and/or placing of financial instruments on a firm commitment basis, (vii) placing of financial instruments without a firm commitment basis, (viii) any service in relation to the admission to trading on a regulated market or trading on a multilateral trading facility (Regulation 692/2014, Ukraine, Art. 1(i))

investor citizenship schemes

” (or “golden passports”) means the procedures put in place by a Member State, which allow third-country nationals to acquire its nationality in exchange for pre-determined payments and investments

(Council Regulation 833/2014, Russia, Art. 1(l))

investor residence schemes

(or “golden visas”) means the procedures put in place by a Member State, which allow third-country nationals to obtain a residence permit in a Member State in exchange for pre-determined payments and investments;

Council Regulation 833/2014, Russia, Art. 1(m))

money-market instruments

means those classes of instruments which are normally dealt in on the money market, such as treasury bills, certificates of deposit and commercial papers and excluding instruments of payment;

(Council Regulation 833/2014, Russia, Art. 1(g))

partner country

means a country applying a set of export control measures substantially equivalent to those set out in this Regulation, as identified in Annex VIII

(Council Regulation 833/2014, Russia, Art. 1(p))

public procurement Directives

means Directives 2014/23/EU, 2014/24/EU, 2014/25/EU and 2009/81/EC of the European Parliament and of the Council

road transport undertaking

means any natural or legal person, entity or body engaged with a commercial purpose in the transport of freight by means of motor vehicles or combinations of vehicles

Russian air carrier

means an air transport undertaking holding a valid operating licence or equivalent issued by the competent authorities of the Russian Federation

(Council Regulation 833/2014, Russia, Art. 1(r))

specified territories

means the non-government controlled areas of the Donetsk and Luhansk oblasts of Ukraine

(Council Regulation 2022/263, Donetsk/Luhansk, Art. 1(d))

technical assistance

  • means any technical support related to repairs, development, manufacture, assembly, testing, maintenance, or any other technical service, and may take forms such as instruction, advice, training, transmission of working knowledge or skills or consulting services, including verbal forms of assistance (Council Regulation 833/2014, Russia, Art. 1(c))

  • means any technical support related to repairs, development, manufacture, assembly, testing, maintenance, or any other technical service, and may take forms such as instruction, advice, training, transmission of working knowledge or skills or consulting services; technical assistance includes verbal forms of assistance (Regulation 692/2014, Ukraine, Art. 1(g))

territory of the Union

means the territories of the Member States to which the Treaty is applicable, under the conditions laid down in the Treaty, including their airspace.

(Council Regulation 833/2014, Russia, Art. 1(i)) (Council Regulation 2022/263, Donetsk/Luhansk, Art. 1(i)) (Regulation 269/2014, Ukraine, Art. 1(h)) (council Regulation 208/2014, Ukraine, Art. 1(h))(Regulation 692/2014, Ukraine, Art. 1(d))

trading venue

as defined in Article 4(1)(24) of Directive 2014/65/EU, means a regulated market, a multilateral trading facility (MTF) or an organised trading facility (OTF)

(Council Regulation 833/2014, Russia, Art. 1(n))

transferable securities

means the following classes of securities, including in the form of crypto-assets, which are negotiable on the capital market, with the exception of instruments of payment: (i) shares in companies and other securities equivalent to shares in companies, partnerships or other entities, and depositary receipts in respect of shares, (ii) bonds or other forms of securitised debt, including depositary receipts in respect of such securities, (iii) any other securities giving the right to acquire or sell any such transferable securities or giving rise to a cash settlement determined by reference to transferable securities;(Council Regulation 833/2014, Russia, Art. 1(f))

Union shipowner

has the same meaning as a ‘Community shipowner’ as defined in Article 2(2)(a) and (b) of Council Regulation (EC) No 3577/92

(Regulation 692/2014, Ukraine, Art. 1(j))

LEGAL SOURCE

EU Council Regulation (EU) 883/2014 of 31 July 2014 concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine. Latest Update: 1 March 2022 (2022/350). Article 1
EU Council Regulation (EU) 2022/263 of 23 February 2022 concerning restrictive measures in response to the recognition of the non-government controlled areas of the Donetsk and Luhansk oblasts of Ukraine and the ordering of Russian armed forces into those areas. Latest Update: 23 February 2022 (2022/263). Article 1.
EU Council Regulation (EU) 269/2014 of 17 March 2014 concerning restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine. Latest Update: 2 March 2022 (2022/353). Article 1.
EU Council Regulation (EU) 692/2014 of 23 June 2014 concerning restrictive measures in response to the illegal annexation of Crimea and Sevastopol. Article 1.
EU Council Regulation (EU) 208/2014 of 5 March 2014 concerning restrictive measures against certain persons, entities and bodies in view of the situation in Ukraine. Article 1.
The EU Regulations are directly applicable in all EU Member States.