Article 1
Open ↗In Article 1a of Decision 2014/512/CFSP, the following paragraphs are added: ‘7. Paragraph 4 shall not apply to any balance sheet management transactions linked to assets and reserves of the Central Bank of Russia, or linked to assets and reserves of any legal person, entity or body acting on behalf of, or at the direction of, the Central Bank of Russia, such as the Russian National Wealth Fund, carried out on or after 28 February 2022. 8. As of 15 February 2024, and as long as the restrictive measures set out in paragraph 4 are maintained, central securities depositories within the meaning of Regulation (EU) No 909/2014 holding assets and reserves referred to in paragraph 4 of this Article with a total value exceeding EUR 1 million shall apply the following rules regarding cash balances accumulating exclusively due to the restrictive measures: (a) those cash balances shall be accounted for separately; (b) revenues accruing from or generated by the cash balances referred to in point (a) from 15 February 2024 shall be registered separately in the financial accounts of central securities depositories; (c) net profits determined in respect of revenues referred to in point (b) in accordance with national law, including by deducting all relevant expenses linked to or resulting from the management of the immobilised assets and the risk-management associated with the immobilised assets and after deduction of corporate tax under the general regime of the Member State concerned, may not be disposed of by way of distribution in the form of dividends or in whatever form to the benefit of shareholders or any third party until the Council decides, acting by unanimity on the basis of Articles 29 and 30 of the Treaty on European Union, on a possible establishment of a financial contribution to the Union budget that shall be raised on those net profits to support Ukraine and its recovery and reconstruction, as well as detailed arrangements therefor, consistent with applicable contractual obligations, and in accordance with Union and international law. In that context, the Council shall also decide the amount that central securities depositories may provisionally retain in addition to complying with statutory capital and risk-management requirements, without prejudice to the respect by the relevant central securities depositories of the rules provided for in or pursuant to the Union legal acts governing their supervision; (d) until the Council decision referred to in point (c) is adopted, each central security depository may request its supervisory authority to authorise releases of a part of the net profits referred to in point (c), in view of complying with statutory capital and risk-management requirements. The Member States concerned shall notify the Commission in advance of any authorisation.’.