By way of derogation from Article 23 and provided that a payment by a person, entity or body listed in Annex VIII or IX is due under a contract or agreement that was concluded by, or an obligation that arose for the person, entity or body concerned, before the date on which that person, entity or body had been designated by the Sanctions Committee, the Security Council or by the Council, the competent authorities may authorise, under such conditions as they deem appropriate, the release of certain frozen funds or economic resources, if the following conditions are met:

(a)

the competent authority concerned has determined that:

(i)

the funds or economic resources shall be used for a payment by a person, entity or body listed in Annex VIII or IX;

(ii)

the payment will not contribute to an activity prohibited under this Regulation; and

(iii)

the payment is not in breach of Article 23(3); and

(b)

where Article 23(1) applies, the Member State concerned has notified the Sanctions Committee of that determination and its intention to grant an authorisation, and the Sanctions Committee has not objected to that course of action within ten working days of notification.

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