(20)

in Article 5ac, the following paragraph is added: ‘7. By way of derogation from paragraph 2, the competent authorities of a Member State may authorise the execution of transactions with entry number 1 in Annex XLIV, under such conditions as they deem appropriate and after having determined that the execution of such transactions is necessary for: ; the repayment of export credits guaranteed; transactions which are strictly necessary for divestment from Russia or the wind-down of business activities in Russia by 26 August 2025 which were covered by export credits guarantees by a Member State; or the execution of contracts concluded before 25 February 2025 until 26 August 2025 or until their expiry date, whichever is earlier for beneficiaries located in the European Union.’

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Source: EUR-Lex (Cellar) · retrieved 2026-10-15 · Text as adopted (Official Journal); later amendments are not incorporated in this text.