Arranged in a hydraulic circuit is a valve with an L-shaped duct arrangement, which is formed by a transverse duct 2 and a longitudinal duct 3. Formed in extension of the longitudinal duct 3 is a holding and guiding bore 4, in which a throttling element, comprising a throttle slide 10 and a valve piston 21 that can be displaced therein, can be displaced longitudinally. The valve piston 21 has a passage hole 25, which is connected to the interior of the throttling element and two proportionate annular chambers 17a and 17b. Of these, the proportionate annular chamber 17b is connected to a pilot control valve via a control duct 19. Depending on the direction and pressure of the hydraulic fluid flowing through the L-shaped duct arrangement, the throttling element is moved in or out and extended or compressed in the process. In this way, the valve arrangement acts as a throttling valve in the event of flow in the direction from the transverse duct 2 to the longitudinal duct 3, while the flow in the opposite flow direction is not throttled.