diff --git a/mypy/semanal.py b/mypy/semanal.py
index 27d2a3abf93f..780d0b614ae3 100644
--- a/mypy/semanal.py
+++ b/mypy/semanal.py
@@ -6955,6 +6955,7 @@ def name_not_defined(self, name: str, ctx: Context, namespace: str | None = None
             namespace is None
             and self.type
             and not self.is_func_scope()
+            and self.incomplete_type_stack
             and self.incomplete_type_stack[-1]
             and not self.final_iteration
         ):
diff --git a/test-data/unit/check-python312.test b/test-data/unit/check-python312.test
index d0a39f7e56a6..bf1115dc51c5 100644
--- a/test-data/unit/check-python312.test
+++ b/test-data/unit/check-python312.test
@@ -1320,6 +1320,14 @@ class P[T](Protocol[T]):  # E: No arguments expected for "Protocol" base class
 class P2[T](Protocol[S]):  # E: No arguments expected for "Protocol" base class
     pass
 
+[case testPEP695CannotUseTypeVarFromOuterClass]
+# mypy: enable-incomplete-feature=NewGenericSyntax
+class ClassG[V]:
+    # This used to crash
+    class ClassD[T: dict[str, V]]:  # E: Name "V" is not defined
+        ...
+[builtins fixtures/dict.pyi]
+
 [case testPEP695MixNewAndOldStyleGenerics]
 # mypy: enable-incomplete-feature=NewGenericSyntax
 from typing import TypeVar