The relay you see is for the auxilairy cooling fan that comes on if the A/C high side pressure gets too high. It is the same part number as the suppression relay/cooling fan relay on 700 and 900 models. 240's didn't use a suppression relay. I could be wrong if your car is one of the late 93 240's as they did change a few things. These cars had a fuse box bolted to positive terminal of battery and I don't remember a suppression relay but I suppose it's possible. If it is a suppression relay then there will two of them, one for injection and the other for fan.

It may have already been covered but the relay gets its name due to the fact that it removed the injector coil off collapse voltage spike of over 50 V that was easily picked up by radio in 700's since the original relay powering the injectors was the white combined relay in central relay unit below radio. The suppression relay also had the benefit of stopping the relay terminal meltdown on turbo models.