Derogations 

Derogation/Exemption from the asset freezing requirements of Financial Sanctions Regulation is allowed in the Articles to the Regulations in respect of a contract, agreement or obligation that was concluded by, or arose for the person, entity or body designated by the Sanctions Committee, the Security Council or by the European Council, before the date on which that person, entity or body has been designated.  The Competent Authorities (CAs) of the Member States, as indicated in the Regulations may authorise, under such conditions as they deem appropriate, the release of certain frozen funds or economic resources, if the Competent Authorities concerned have determined that the following conditions are met: 

 

  • The funds or economic resources shall be used for a payment by a person, entity or body listed in the Regulations;
  • The contract, agreement or obligation will not contribute to the manufacture, sale, purchase, transfer, export, import, transport or use of prohibited activities, goods and technology; and
  • Payment is not in breach of the Regulations.

An application form is available here