QVT is the standard for model transformation defined by the OMG in the context of the Model-Driven Architecture. It is made of several transformation languages. Among them, QVT-Relations is the one with the highest level of abstraction, as it permits developing bidirectional transformations in a declarative, relational style. Unfortunately, the standard only provides a semiformal description of its semantics, which hinders analysis and has given rise to ambiguities in existing tool implementations. In order to improve this situation, we propose a formal, algebraic semantics for QVT-Relations check-only transformations, defining a notion of satisfaction of QVT-Relations specifications by models.