Cap. 653 Art. 7Performance of obligations.         Cap. 16.

(1) It shall be prohibited to conclude transactions and assume new obligations the performance whereof contradicts the European Union restrictive measures or restrictive measures adopted by a United Nations Security Council Resolution or domestic restrictive measures implemented under this Act.

(2) It shall be prohibited to perform, until the European Union restrictive measures or restrictive measures adopted by a United Nations Security Council Resolution or domestic restrictive measures are in force, the transactions and obligations the performance whereof contradicts the Union restrictive measures or restrictive measures adopted by a United Nations Security Council Resolution or domestic restrictive measures.

(3) Transactions entered into and obligations arising prior to the establishment of the implementation of European Union restrictive measures or restrictive measures adopted by a United Nations Security Council Resolution or domestic restrictive measures shall be terminated without delay unilaterally or by agreement between the parties or their performance must be suspended during the period of the implementation of the restrictive measures.

(4) Persons, entities or bodies shall not be subject to civil liability for non-performance of transactions and obligations due to the implementation of European Union restrictive measures or restrictive measures adopted by a United Nations Security Council Resolution or domestic restrictive measures, or shall be exempted from civil liability in accordance with the procedure established in the Civil Code.

(5) The losses incurred by persons, entities or bodies as a result of lawful actions of the Board in implementing this Act shall not be compensated.