Requirement to notify pursuant to Article 9 para. 2 of the Council Regulation (EU) 269/2014 as amended

I. Economic sanctions by the EU

Art. 2 of Council Regulation (EU) 269/2014 as amended (“Regulation (EU) No 269/2014”) regulates the freezing of assets of sanctioned persons and the prohibition on making funds available. These are two key aspects of the economic sanctions regime of the European Union.

I.A. Asset freezes

Art. 2 para. 1 of Regulation (EU) 269/2014 indicates that all funds and economic resources belonging to, owned, held or controlled by sanctioned (natural or legal) persons shall be frozen (asset freeze). The freeze shall be effected directly pursuant to the order in Regulation (EU) 269/2014. This means that further national legal acts are generally not necessary in order for the freeze to take effect (by operation of law in all Member States).

I.B. Prohibition on making funds available

Art. 2 para. 2 of Regulation (EU) 269/2014 stipulates that no funds or economic resources shall be made available, directly or indirectly, to or for the benefit of sanctioned (natural or legal) persons (prohibition on making funds available).

The prohibition on making funds available shall prevent that sanctioned persons receive economic or financial support nonetheless, as this would defeat the object and purpose of the economic sanctions.

I.C. General prohibition on circumvention

Pursuant to Art. 9 para. 1 of Regulation (EU) 269/2014, it is prohibited to participate, knowingly and intentionally, in activities the object or effect of which is to circumvent the measures referred to in Art. 2 of Regulation (EU) 269/2014 (freezing and prohibition on making funds available) (prohibition on circumvention).

The prohibition on circumvention shall ensure that the object and purpose of the economic sanctions are not defeated by circumvention activities.

II. Requirement to notify and cooperation with authorities

Since 22/07/2022, sanctioned (natural and legal) persons have been obligated pursuant to Art. 9 para. 2 of Regulation (EU) 269/2014 to report economic resources and funds located in the territory of a Member State to the competent authorities of the Member States before 01/09/2022 or within 6 weeks after inclusion in the EU sanctions list and to cooperate with the competent authorities in this matter.

II.A. Economic resources

According to the definition in Art. 1 item d) of Regulation (EU) 269/2014, “economic resources” shall mean the following:

 Assets of every kind, whether tangible or intangible, movable or immovable, which are not funds but may be used to obtain funds, goods or services.

II.B. Funds (please note: in the area of responsibility of the Austrian National Bank)

According to the definition in Art. 1 item g) sub-items i)-vii) of Regulation 269/2014, “funds” shall mean the following:

 financial assets and benefits of every kind, including, but not limited to:

  1. cash, cheques, claims on money, drafts, money orders and other payment instruments;
  2. deposits with financial institutions or other entities, balances on accounts, debts and debt obligations;
  3. publicly- and privately-traded securities and debt instruments, including stocks and shares, certificates representing securities, bonds, notes, warrants, debentures and derivatives contracts;
  4. interest, dividends or other income on or value accruing from or generated by assets;
  5. credit, right of set-off, guarantees, performance bonds or other financial commitments;
  6. letters of credit, bills of lading, bills of sale; and
  7. documents showing evidence of an interest in funds or financial resources;


II.C. Territory of a Member State

According to the definition in Art. 1 item h) of Regulation 269/2014, “territory of the Union” shall mean the following:

 The territories of the Member States to which the Treaty is applicable, under the conditions laid down in the Treaty, including their airspace.

II.E. Notification to the DSN

Economic resources of sanctioned (natural and legal) persons as defined in Art. 1 item d) of Regulation (EU) 269/2014 located on the territory of the Republic of Austria shall be reported to the DSN as the competent authority in compliance with the deadline specified in Art. 9 para. 2 of Regulation (EU) 269/2014.

Please note: Funds of sanctioned (natural and legal) persons located on the territory of the Republic of Austria shall be reported to the Austrian National Bank (“OeNB”) as the competent authority in compliance with the deadline  specified in Art. 9 para. 2 of Regulation (EU) 269/2014.

Individuals required to report are requested to use the form “Meldung wirtschaftlicher Ressourcen gemäß Art 9 Abs 2 VO (EU) 269/2014” (23,5 KB)  (23.5KB) [German] available on this website for the reporting of economic resources. Reports must be submitted to the DSN via e-mail (post@dsn.gv.at) or by post (Herrengasse 7, 1010 Vienna).

Please note: Failure to comply with Art. 9 para. 2 of Regulation (EU) 269/2014 shall be considered as participation in activities the object or effect of which is to circumvent the measures referred to in Article 2 of Regulation (EU) 269/2014.