1. 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 9 March 2022 by:

Russia and its government; or

the Central Bank of Russia; or

a legal person, entity or body acting on behalf or at the direction of the entity referred to in point (b).

2. 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.

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.

3. 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:

were agreed before 23 February 2022; and

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.

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.’;

in Article 11(1), point (a) is replaced by the following:

legal persons, entities or bodies referred to in point (b) or (c) of Article 5(1), in point (c) or (d) of Article 5(2), in point (a), (b) or (c) of Article 5a(1), or listed in Annex III, IV, V or VI;’;

Article 12 is replaced by the following:

COUNCIL REGULATION (EU) 2022/262 of 23 February 2022 amending Regulation (EU) No 833/2014 concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine