Preamble

THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty on the Functioning of the European Union, and in particular Article 215 thereof, Having regard to Council Decision 2014/145/CFSP of 17 March 2014 concerning restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine (1), Having regard to the joint proposal from the High Representative of the Union for Foreign Affairs and Security Policy and the European Commission, Whereas: (1) Council Regulation (EU) No 269/2014 (2) gives effect to restrictive measures provided for in Decision 2014/145/CFSP. (2) On 16 December 2024, the Council adopted Decision (CFSP) 2024/3182 (3), amending Decision 2014/145/CFSP. Decision (CFSP) 2024/3182 introduces a derogation allowing the release of cash balances that are held by central securities depositories, within the meaning of Regulation (EU) No 909/2014 of the European Parliament and of the Council (4), in the Union and attributable to designated entities. That derogation is necessary in the context of increasing litigation and retaliatory measures in Russia that enable certain designated entities and their underlying clients to seize assets of central securities depositories in the Union that are held in Russia, without the prior consent of those depositories. It is therefore appropriate to establish a derogation mechanism under which central securities depositories in the Union can ask competent authorities of the Member States to unfreeze cash balances so that central securities depositories in the Union can use those cash balances that are no longer due to designated entities to meet the legal obligations of those depositories towards their participants. (3) The amendment made to Decision 2014/145/CFSP by Decision (CFSP) 2024/3182 falls within the scope of the Treaty on the Functioning of the European Union and therefore regulatory action at the level of the Union is necessary in order to implement it, in particular with a view to ensuring uniform application in all Member States. (4) Regulation (EU) No 269/2014 should therefore be amended accordingly, HAS ADOPTED THIS REGULATION:

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Source: EUR-Lex (Cellar) · retrieved 2026-10-17 · Text as adopted (Official Journal); later amendments are not incorporated in this text.